I am a music artist involved in a couple projects right now that have the promise of furthering my career into a profitable one, however I keep spending money on them and it's keeping me from having enough money to make my creditors payments. I have credit card debt and school debt as well. I have thought about starting a company to legitimise my efforts, but will my company become in danger if creditors see it as an asset? Also, it might be hard to even start a company with bad credit, right?
How can I get out of debt when I am unable to make my payments?
Yes, it will be very hard for you to be taken seriously if you have bad credit...don't let your student loan payments slip...your tax returns will be taken every year until they are repaid...it is nasty business...do some research...it'll scare ya....have you tried Consumer Credit Counseling Services? AKA (CCCS). They will negotiate with your creditors to keep you out of trouble and you will make a single payment that should be more than affordable. Good Luck...and if you are already suffering bad credit get with CCCS as soon as possible...it'll help and as long as you make payments and avoid further debt, you should see your credit improving slowly but surly...not right away...time is your friend credit wise.
Reply:One thing to do is to cut your costs. No expensive Starbucks in the morning, no eating out. Get yourself a travel mug at the dollar store for your coffee and make your own lunches and cook your own dinners.By the way, oatmeal, which is a very healthy breakfast to have, is very cheap and easy to make in the microwave. Follow the directions on the cylindrical container of Quaker oats and don't buy the individual packs, which are more. There are lots of easy to make cheap meals on the internet. Don't go into debt to buy a car. If you can take public transportation, you will save thousands of dollars a year in gas, repairs, tolls and insurance costs on a car. Otherwise buy a used car that is still under warranty so if it has problems it can be fixed under warranty. If you buy a new car, you are losing lots of money the moment you drive it off the lot. Hang on to the car for 5-6 years. It's cheaper at that point to pay for repairs than to make a car payment.
Don't subscribe to cable options, get your books out of the library.
Get regular exercise to keep medical bills down and so you keep your weight down and don't have to buy new clothes. Don't belong to a gym, take long walks for exercise and do exercises in your home. I walk and have met some of my neighbors that way.
If you can, take a part time job and put all of that money into paying off your debt
Buy things at garage sales. You will save a great deal of money on home furnishings, books and other items.Sometimes they sell brand new clothes with the tags still on them for a low price.
Reply:I doubt if anyone will lend you money to start a business
and you'll never get out of debt if you don't make payments and still use your cards
Reply:Have you asked for a forebarence on your student loan? In cases of hardship, student loan companies will postpone your repayment schedule. This could help a lot.
Reply:file Bankruptcy....be done with your debt...You'll start over and learn from your mistakes of mishandling credit debt!
Reply:You need to wake up and get a REAL job and put your dreams, for the time being, on hold. Creditors are not going to accept your "promises" of riches as payment. This is one of the laws of life.
Friday, July 31, 2009
What is the purpose of a debt validation letter?
Can someone lead me in the right direction? I'm very confused on what my first step is. I have all 3 of my credit reports. I have medical and credit card debt. The medical is with collection agenicies and the credit cards are with them still(no collection agency as of yet). I keep reading about debt validation. Why? And with all of them or just collection agencies?
What is the purpose of a debt validation letter?
The sources listed in the previous answers are my favorite links....go there and read up!
Note one thing, however. Debt validation is required under the Fair Debt Collections Act, but only governs collection agencies, attorneys, and other 3rd party collectors. It does not cover the original creditor, unless your state has implemented their own version of the FDCA and included them (not many do).
So attempting to validate debts from credit card companies themselves may not result in anything.
One MAJOR reason for validating is because collection agencies tend to tack on lots of illegal fees and interest. You want to make sure the amount in contention is accurate. And the only way to do that is to get proof and documentation. They MUST supply you with copies of the signed contract, bills, receipts, last statements, and everything used to calculate exactly what they claim you owe.
Sending you a single statement saying you owe them $xx.xx money is NOT validation.
Reply:http://www.creditinfocenter.com/forms/sa...
Above is a website link that provides your a sample validation letter. You can download it also.
You could try to use debt settlement methods with a collection agency, but you might want to try debt validation first. Why? Because they may not even be legally entitled to collect the debt from you.
Think of it in these terms: Even if you suspected you might owe Joe (original creditor) some money, and Bob (collection agency) came up to you and asked for Joe's money - would you just hand over the cash? No. No one would. These might be some of the thoughts you would have:
How do you know that Bob is actually collecting for Joe? What legal documents does Bob have to prove that he is legally authorized to collect?
How much is the actual debt? What payments have already been made on the account? Where is the accounting of the debt, including all interest and fees? Are these fees and interest amounts legit?
Do you really owe Joe the money? Or was it actually a third party, Sam? Where is the contract showing that you made a deal with Joe and not Sam?
If you keep all the legalese out of it when thinking of legal proof, you'll have an easier time figuring out what to ask a collection agency (Bob) for to validate a debt.
The definition of a debt collector is as follows:
TITLE VIII - DEBT COLLECTION PRACTICES [Fair Debt Collection Practices Act]
§ 803. Definitions [15 USC 1692a]
As used in this title --
(6) The term "debt collector" means any person who uses any instrumentality of interstate commerce or the mails in any business the principal purpose of which is the collection of any debts, or who regularly collects or attempts to collect, directly or indirectly, debts owed or due or asserted to be owed or due another. So when a collection agency is assigned, or has purchased, your debt, they are NOT the creditor. They are the debt collector and the actions they take are all governed by the FDCPA. (The Fair Debt Collection Practices Act ).What does a debt collector need to provide as debt validation?
Proof that the collection company owns the debt/or has been assigned the debt. (Bob is legally entitled to collect this particular debt from you.) This is basic contract law. It is very difficult to get a judgment without a direct contract between collection agency and the original creditor.
At a minimum, some account statements from the original creditor. If you really want to get sticky, you can pin them down on the amount of the debt by requiring complete payment history, starting with the original creditor. (How the heck did Bob calculate this debt? What fees/interest Bob has tacked on to this debt and how he determined these fees?) This requirement was established by the case Fields v. Wilber Law Firm, Donald L. Wilber and Kenneth Wilber, USCA-02-C-0072, 7th Circuit Court, Sept 2004..
Copy of the original signed loan agreement or credit card application. (Your contract with Joe establishing the debt between you.) However, account statements from the original can fulfill these requirements.
Bottom line is by sending a validation letter, use certified mail, and follow the instruction that are detailed on the site.
Hope it helps
Reply:A demand to validate letter is used to prove that you have a legal obligation to repay the debt, to who it needs to be paid and all the accounting used to determine the amount they are asking for.
It is used in cases of ID theft, and it's also used as a tactic for fighting collection agencies.
Reply:Check out the following link which will provide information on the debt validation process:
http://www.creditinfocenter.com/rebuild/...
Reply:PIE!!!!
What is the purpose of a debt validation letter?
The sources listed in the previous answers are my favorite links....go there and read up!
Note one thing, however. Debt validation is required under the Fair Debt Collections Act, but only governs collection agencies, attorneys, and other 3rd party collectors. It does not cover the original creditor, unless your state has implemented their own version of the FDCA and included them (not many do).
So attempting to validate debts from credit card companies themselves may not result in anything.
One MAJOR reason for validating is because collection agencies tend to tack on lots of illegal fees and interest. You want to make sure the amount in contention is accurate. And the only way to do that is to get proof and documentation. They MUST supply you with copies of the signed contract, bills, receipts, last statements, and everything used to calculate exactly what they claim you owe.
Sending you a single statement saying you owe them $xx.xx money is NOT validation.
Reply:http://www.creditinfocenter.com/forms/sa...
Above is a website link that provides your a sample validation letter. You can download it also.
You could try to use debt settlement methods with a collection agency, but you might want to try debt validation first. Why? Because they may not even be legally entitled to collect the debt from you.
Think of it in these terms: Even if you suspected you might owe Joe (original creditor) some money, and Bob (collection agency) came up to you and asked for Joe's money - would you just hand over the cash? No. No one would. These might be some of the thoughts you would have:
How do you know that Bob is actually collecting for Joe? What legal documents does Bob have to prove that he is legally authorized to collect?
How much is the actual debt? What payments have already been made on the account? Where is the accounting of the debt, including all interest and fees? Are these fees and interest amounts legit?
Do you really owe Joe the money? Or was it actually a third party, Sam? Where is the contract showing that you made a deal with Joe and not Sam?
If you keep all the legalese out of it when thinking of legal proof, you'll have an easier time figuring out what to ask a collection agency (Bob) for to validate a debt.
The definition of a debt collector is as follows:
TITLE VIII - DEBT COLLECTION PRACTICES [Fair Debt Collection Practices Act]
§ 803. Definitions [15 USC 1692a]
As used in this title --
(6) The term "debt collector" means any person who uses any instrumentality of interstate commerce or the mails in any business the principal purpose of which is the collection of any debts, or who regularly collects or attempts to collect, directly or indirectly, debts owed or due or asserted to be owed or due another. So when a collection agency is assigned, or has purchased, your debt, they are NOT the creditor. They are the debt collector and the actions they take are all governed by the FDCPA. (The Fair Debt Collection Practices Act ).What does a debt collector need to provide as debt validation?
Proof that the collection company owns the debt/or has been assigned the debt. (Bob is legally entitled to collect this particular debt from you.) This is basic contract law. It is very difficult to get a judgment without a direct contract between collection agency and the original creditor.
At a minimum, some account statements from the original creditor. If you really want to get sticky, you can pin them down on the amount of the debt by requiring complete payment history, starting with the original creditor. (How the heck did Bob calculate this debt? What fees/interest Bob has tacked on to this debt and how he determined these fees?) This requirement was established by the case Fields v. Wilber Law Firm, Donald L. Wilber and Kenneth Wilber, USCA-02-C-0072, 7th Circuit Court, Sept 2004..
Copy of the original signed loan agreement or credit card application. (Your contract with Joe establishing the debt between you.) However, account statements from the original can fulfill these requirements.
Bottom line is by sending a validation letter, use certified mail, and follow the instruction that are detailed on the site.
Hope it helps
Reply:A demand to validate letter is used to prove that you have a legal obligation to repay the debt, to who it needs to be paid and all the accounting used to determine the amount they are asking for.
It is used in cases of ID theft, and it's also used as a tactic for fighting collection agencies.
Reply:Check out the following link which will provide information on the debt validation process:
http://www.creditinfocenter.com/rebuild/...
Reply:PIE!!!!
Does anyone know the difference between Debt Settlement Companies and CCCs Companies? Which is better?
I have some credit card debt and I don't know what credit card company to consider, either a "CCCS" or Debt Settlement company. Is there a better alternitive to either?
Does anyone know the difference between Debt Settlement Companies and CCCs Companies? Which is better?
i personaly work for the credit card collections department of a large UK based bank, and am faced with people in financial trouble everyday. rather than constantly harrass our customers we are trained to recomend debt management companies to card holders who are in financial trouble. consolidation loans like you would see on the televisoin, basically loan you the ammount you would need to pay off all your card debts, and then you pay them back over a period of time, many people find this easier because its only one bill to pay every month, rather than 1-10 credit card bills each going out on different days, however the interest on these cards is usualy higher than the cards interest, and as such costs more in the long run, they attract people by offering low monthly re-payments, however this just allows them to drag out the loan even longer, earning them even more money. as a collections specialist i never recomend consolidation loans
now for debt management compaines, these companies are a little different, they will usualy produce a financial assesment for yourself (the card holder) also known as an income and expenditure report. they will then decide how much you can pay to each creditor each month, they send the details to all your creditors and then if your offer is accepted you usualy get the interest and charges frozen on your credit card, and are allowed to pay back a lower ammount than usual for a fixed period of time.
one thing i will say is read your contract through very closely, as some debt management companies (such as gregory pennington ) actually wait 3 months before paying any of your creditors, even though you will be paying them money every month to sent to the creditors (and to pay for thier service) this pushes you further into arrears, and has caused some people to be issued default notices, the company do this to both earn interest on the money in thier holding accounts, but also to pro;long the ammount of time you will need thier services. in my job i only ever recomend FREE debt management compaines such as payplan, the CCCS (consumer credit counceling service) and your local CAB (citizens advice bureau) all of these comapines provide equal or better service than those you would pay for. hope this helps you out.
Reply:debt settlement, call your debt and "Settle". This means that if you owe 10,000 to one company, they offer the company 5,000 now. If they refuse, they threaten the company with bankrupcy. They still charge you 10,000 of course and simply reduce the interest rate on the money that you now owe them.
The best option is to get a new credit card with 0% on transferred balances. Transfer the highest ones to it and the cancel them. Keep doing that, until you are out of debt.
Reply:There's a lot of information about debt consolidation on this website. There are a number of ways to do this and it depends on your level of debt and your circumstances as to which would be best for you.
Do your own research, get some quotes and choose what seems 'right' for you.
Good luck!
Reply:CCCs is preferred.
myspaces.com
Does anyone know the difference between Debt Settlement Companies and CCCs Companies? Which is better?
i personaly work for the credit card collections department of a large UK based bank, and am faced with people in financial trouble everyday. rather than constantly harrass our customers we are trained to recomend debt management companies to card holders who are in financial trouble. consolidation loans like you would see on the televisoin, basically loan you the ammount you would need to pay off all your card debts, and then you pay them back over a period of time, many people find this easier because its only one bill to pay every month, rather than 1-10 credit card bills each going out on different days, however the interest on these cards is usualy higher than the cards interest, and as such costs more in the long run, they attract people by offering low monthly re-payments, however this just allows them to drag out the loan even longer, earning them even more money. as a collections specialist i never recomend consolidation loans
now for debt management compaines, these companies are a little different, they will usualy produce a financial assesment for yourself (the card holder) also known as an income and expenditure report. they will then decide how much you can pay to each creditor each month, they send the details to all your creditors and then if your offer is accepted you usualy get the interest and charges frozen on your credit card, and are allowed to pay back a lower ammount than usual for a fixed period of time.
one thing i will say is read your contract through very closely, as some debt management companies (such as gregory pennington ) actually wait 3 months before paying any of your creditors, even though you will be paying them money every month to sent to the creditors (and to pay for thier service) this pushes you further into arrears, and has caused some people to be issued default notices, the company do this to both earn interest on the money in thier holding accounts, but also to pro;long the ammount of time you will need thier services. in my job i only ever recomend FREE debt management compaines such as payplan, the CCCS (consumer credit counceling service) and your local CAB (citizens advice bureau) all of these comapines provide equal or better service than those you would pay for. hope this helps you out.
Reply:debt settlement, call your debt and "Settle". This means that if you owe 10,000 to one company, they offer the company 5,000 now. If they refuse, they threaten the company with bankrupcy. They still charge you 10,000 of course and simply reduce the interest rate on the money that you now owe them.
The best option is to get a new credit card with 0% on transferred balances. Transfer the highest ones to it and the cancel them. Keep doing that, until you are out of debt.
Reply:There's a lot of information about debt consolidation on this website. There are a number of ways to do this and it depends on your level of debt and your circumstances as to which would be best for you.
Do your own research, get some quotes and choose what seems 'right' for you.
Good luck!
Reply:CCCs is preferred.
myspaces.com
How do i settle a bad debt that has more than tripled since going into collection?
I have been in contact with the collection agency and they said they would settle the $18,000 debt for $11,000. I do not have $11,000 nor am i able to get a loan. Is working with a debt consolidater just as bad as filing for bankrupcy? I have a family and want to buy a house and this is the only thing standing in my way...what do i do?
How do i settle a bad debt that has more than tripled since going into collection?
Offer to make payments on the ORIGINAL amount, then do it. Don't pay any extra that has been added on by collection agencies. That isn't even legal.
If you only owe one debt, don't go to a credit counseling agency. Doing so will lower your credit score. You should only go to credit counseling if you need them to keep your utilities from being shut off.
.
Reply:The 7 year rule does apply but lenders do a hard hit on your credit and I was told they look back 10 years .I would dispute the debt..force debt validation.
Reply:Did you ask them about payment plans? Most debt collectors will try to get you to pay all the money, but know you probably can't. Let them know you are trying to buy a home and need to clear up your credit and will pay them when you are able to refinance your new home in six months to a year. So, fix the credit, buy a home, refinance and payoff your debt. Most mortagage companies have free credit counceling that could help you find the best way to resolve this solution.
Reply:OC's answer is correct, but I need to correct something regarding collection fees and interest.
If a debt collector purchases a debt from a collection agency, they are buying the DEBT, not taking over the contract. Once a debt has been charged off, many states will not allow further interest unless there has been a judgment issued, and the interest rate is set by the state.
This is another of those "depends on what state you live in" situations, but DO NOT automatically assume you have to pay those huge collection fees!
Therefore, it is very important that you send the collection agency a "demand to validate" letter. In it, they must send you a complete accounting of the debt, and explain how they calculated exactly what they claim you owe. They must supply you with a copy of the agreement that clearly says what interest and late fees you are responsible for.
I have helped many people dispute these charges. In one case, the debtor was being billed a couple thousand dollars in fees. We disputed it, and suddenly they decide that that those fees were not owed!
Or maybe it was my letter to them informing them that under the FDCA we would sue them for fraud if they insisted on tacking on those fees.
Do you think it's worth a couple hours of research if it's going to save you several thousand dollars? I would think so.
Reply:Hi, I would look at a way to get that debt off your back. If you get a loan, now you have interest to pay. MORE DEBT. Going to a debt consolidation will harm your credit, But will show future lenders you had trouble in the past but took care of it. Start a new trend any bill that requires your SSN pay it on time or early and the amount agreed to pay. lastly I will have to disagree with Kacky if it is a REVOLVING ACCOUNT, like a credit card or Loan(Auto, Home, personal) It will not increase in the Principal of the loan but the interest will continue to add on as you neglect it. They will settle ask them if they will take it in 4 payments and go from there. If they say no try again(remember go from the most and slowest way you can pay to the least and fastest way you can pay them back. If the person on the phone gets nasty with you, they probably will tell them to call back when there attitude has improved(Don't yell or raise your voice) and hang up you will get a phone call back.......
Reply:Lots of people think that once they’ve filed for bankruptcy they will be unable to ever get a loan again, and ultimately they are unable to do anything financial ever again. This isn’t always true, there are%26lt;!--always ways to improve your financial standing, and there are also ways to repair your damaged credit rating.
http://badcredits.awardspace.com/Bankrup...
In fact one of the best ways to improve your credit rating is to refinance your home mortgage, this--%26gt;will help to improve your credit history in a number of different ways.
Reply:Going to debt consolidation will affect your credit. You may have to find the $11,000 or agree to make payments to them.
Reply:If the debt is more than a few years old you may be outside of the Statute of Limitations. This is the time period a company can legally come after you. It does vary by state and type of debt, but for things like credit cards is 2-6 years from the date of the last delinquency. If you are outside of this they can no longer take you to court. The other time is the reporting time for your credit report. It can only be listed on there for 7 years from the date of last delinquency.
As long as it remains on your report unpaid, it will be tough if not impossible for you to find a mortgage lender. Ideally you should negociate with them to remove the collection once you pay it off. Your other option may be a consolidator, however don't expect much more than about 50% of the $18,000. If you get that it will still show on your report as settled. This is not as bad as the unpaid amount, but it won't really help you either because it does remain.
As for the person who said it is illegal for collection agencies to add interest they are 100% incorrect. In your original agreement there is language that allows the creditor to sell your debt and when it is sold you are obligated to the same terms and interest rates.
Reply:You need a money source-I recommend borrowing from a relative. Professionals could likely get you out for 9000- or less. If you find a money source, check out the free evaluation form at the source website. They can help; good luck.
How do i settle a bad debt that has more than tripled since going into collection?
Offer to make payments on the ORIGINAL amount, then do it. Don't pay any extra that has been added on by collection agencies. That isn't even legal.
If you only owe one debt, don't go to a credit counseling agency. Doing so will lower your credit score. You should only go to credit counseling if you need them to keep your utilities from being shut off.
.
Reply:The 7 year rule does apply but lenders do a hard hit on your credit and I was told they look back 10 years .I would dispute the debt..force debt validation.
Reply:Did you ask them about payment plans? Most debt collectors will try to get you to pay all the money, but know you probably can't. Let them know you are trying to buy a home and need to clear up your credit and will pay them when you are able to refinance your new home in six months to a year. So, fix the credit, buy a home, refinance and payoff your debt. Most mortagage companies have free credit counceling that could help you find the best way to resolve this solution.
Reply:OC's answer is correct, but I need to correct something regarding collection fees and interest.
If a debt collector purchases a debt from a collection agency, they are buying the DEBT, not taking over the contract. Once a debt has been charged off, many states will not allow further interest unless there has been a judgment issued, and the interest rate is set by the state.
This is another of those "depends on what state you live in" situations, but DO NOT automatically assume you have to pay those huge collection fees!
Therefore, it is very important that you send the collection agency a "demand to validate" letter. In it, they must send you a complete accounting of the debt, and explain how they calculated exactly what they claim you owe. They must supply you with a copy of the agreement that clearly says what interest and late fees you are responsible for.
I have helped many people dispute these charges. In one case, the debtor was being billed a couple thousand dollars in fees. We disputed it, and suddenly they decide that that those fees were not owed!
Or maybe it was my letter to them informing them that under the FDCA we would sue them for fraud if they insisted on tacking on those fees.
Do you think it's worth a couple hours of research if it's going to save you several thousand dollars? I would think so.
Reply:Hi, I would look at a way to get that debt off your back. If you get a loan, now you have interest to pay. MORE DEBT. Going to a debt consolidation will harm your credit, But will show future lenders you had trouble in the past but took care of it. Start a new trend any bill that requires your SSN pay it on time or early and the amount agreed to pay. lastly I will have to disagree with Kacky if it is a REVOLVING ACCOUNT, like a credit card or Loan(Auto, Home, personal) It will not increase in the Principal of the loan but the interest will continue to add on as you neglect it. They will settle ask them if they will take it in 4 payments and go from there. If they say no try again(remember go from the most and slowest way you can pay to the least and fastest way you can pay them back. If the person on the phone gets nasty with you, they probably will tell them to call back when there attitude has improved(Don't yell or raise your voice) and hang up you will get a phone call back.......
Reply:Lots of people think that once they’ve filed for bankruptcy they will be unable to ever get a loan again, and ultimately they are unable to do anything financial ever again. This isn’t always true, there are%26lt;!--always ways to improve your financial standing, and there are also ways to repair your damaged credit rating.
http://badcredits.awardspace.com/Bankrup...
In fact one of the best ways to improve your credit rating is to refinance your home mortgage, this--%26gt;will help to improve your credit history in a number of different ways.
Reply:Going to debt consolidation will affect your credit. You may have to find the $11,000 or agree to make payments to them.
Reply:If the debt is more than a few years old you may be outside of the Statute of Limitations. This is the time period a company can legally come after you. It does vary by state and type of debt, but for things like credit cards is 2-6 years from the date of the last delinquency. If you are outside of this they can no longer take you to court. The other time is the reporting time for your credit report. It can only be listed on there for 7 years from the date of last delinquency.
As long as it remains on your report unpaid, it will be tough if not impossible for you to find a mortgage lender. Ideally you should negociate with them to remove the collection once you pay it off. Your other option may be a consolidator, however don't expect much more than about 50% of the $18,000. If you get that it will still show on your report as settled. This is not as bad as the unpaid amount, but it won't really help you either because it does remain.
As for the person who said it is illegal for collection agencies to add interest they are 100% incorrect. In your original agreement there is language that allows the creditor to sell your debt and when it is sold you are obligated to the same terms and interest rates.
Reply:You need a money source-I recommend borrowing from a relative. Professionals could likely get you out for 9000- or less. If you find a money source, check out the free evaluation form at the source website. They can help; good luck.
What is the best way to pay off $12000 in combined credit card debt?
Im about $12000 in debt and want to get out now before I get more in debt. Im young, don't own a house and have a credit score of around 698.
What is the best way to pay off $12000 in combined credit card debt?
The best way to pay off your bills... and get out of debt!
Make sure you pay all of your minimum payments; WHILE you attack your lowest debt. Attack it in the sense of pay as much as you can. Once you pay that one off, go to the second lowest debt and so on.
This is key and it really makes you feel like you are getting your debt paid off fast.
Make a monthly and/or weekly chart with what money comes in and what money goes out.
Best of Luck,
Elizabeth R.
Reply:Check out the interest rates on these various cards.
Do whatever it takes to reduce them:
- pay down the highest one first, as fast as you can.
- transfer the balances to lower rate cards
- take full advantage of any promotional rates or offers in doing the above.
- try to get the rates reduced. The words "balance
transfer to my other card" might work magic in that
regard.
Do not put anything more on any of these cards
until you are no longer paying finance charges.
Since you are carrying a balance, every dollar you
add - even if you will pay it the same month - will
add to the finance charges.
Don't even let the words "minimum payment" cross your mind. Reduce those balances as fast as you can.
Reply:Do NOT get behind in any of your payments. Get a part time job and attack that lowest one until its gone. As Dave Ramsey says, "Beans and rice, rice and beans, and get out of debt." See if any of your junk mails offer zero percent financing for a year and use that time to really get out of debt.
Do call your creditors and tell them you're going to transfer the amounts of your cards to others with lower interest rates. If they refuse to lower them, ask to speak to a supervisor. It's worth the hour of aggravation to get a lower rate. Good luck!
Reply:Most likely there are two ways to consolidate your combine credit card debts. One of the way is Credit Card Consolidation Loan, which is a type of unsecured personal loan. Credit Card Debt Consolidation Loan shortly means one loan for all your credit card debts. When you have several credit card debts, you can consolidate it into one lower, fixed rate loan. You make a single lump sum payment each month to your credit counselor and he in turn will pay off to your current creditors.
Another way is credit card debt settlement plan wherein a debt settlement company would negotiate a lower lump sum payment to pay to your Credit Card Companies i.e. your creditors off and as a result you end up paying fifty percent or even sometimes lower, of your outstanding balance to them.
If you maintain consistency in your payment, you can expect to raise your credit score.
Here is the source of a credit counseling company named http://ezconsolidation.com who would help you paying off your debts.
Reply:Approach a debt consolidation company for help, instead of paying high rate of interest to your card issuer. Most of the debt consolidation companies provide loans to help you tide over the credit card debts. These loans are known as credit card debt consolidation loan. The advantage of this loan is that you are charged a low rate of interest. The difference between the interest charged on the credit card and the interest on the credit card debt consolidation loan is substantial, saving you quite a big sum of money.
However you should note that credit card debt consolidation loan may not be right for all. Before applying for any loan, consult your financial advisor and apprise him of your problem. He will analyze your situation, and decide whether credit card debt consolidation loan is right for you or not. Take this loan only if he recommends it.
http://debt-refinance-loan.com/category/...
Reply:Call all of them and work out a payment plan and try to get your interest lowered or stopped.
Then, make the minimum payments on every one of them. On the lowest dollar value, put all your extra effort toward paying it off. Once it is paid off, then roll that extra money to the next largest balance. Continue this snowball until all your debts are paid off.
You probably need to cut your expenses back to the bare minimum. Get rid of cable, cell phones, internet, etc. Lower your electric bill, gas bill, water bill, etc. Don't eat at a restaurant until your debts are under control. Take a sandwich for lunch. Cancel the gym membership.
Try to increase your income by getting a second job. If you have a car with payments, get rid of it, and buy a good dependable used car for CASH.
Go to the library and get "The Total Money Makeover". Read it and follow it carefully.
Go check out Dave's website as well. Yahoo is blocking his site again, so take out the spaces in the following:
www. Dave ramsey. com
Reply:1st: I would go to get a consolidation loan. Then I would make sacrifices similar to those that Rick B suggested. I would pay the 2-4 X's them minimum payment monthly. The hardest thing to do it to stick to the plan of paying more than the minimum but once it is all paid out it will be the best thing that you could do for yourself now %26amp; in the future.
Good Luck!!
Reply:Great answer! Dave Ramsey is a self taught genius. Unfortunately, most creditors are not going to give YOU the best possible deal when negotiating, so for the rest of us who don't want to take a chance on paying 30% more than we should or just plain don't have the time or know how to deal with this crap, there are some very reputable companies out there who will do all this for you, and I know of one that will even send you on a vacation or give you $200 in free gas to help you de-stress! Go here
http://www.squidoo.com/debt-reduction-se...
to check out all your options and view the pros and cons. I know this much, 30% of $12k is $4 grand. that's a lot of money to gamble with. If I were you, I would get a professional team behind me to handle ALL of it. A simple ten minute call could save you $4k? Sounds like a no brainer to me! Especially with a score that high. If you don't do this right it will be a LONG time before you see 698 again!
Good luck and God bless!
What is the best way to pay off $12000 in combined credit card debt?
The best way to pay off your bills... and get out of debt!
Make sure you pay all of your minimum payments; WHILE you attack your lowest debt. Attack it in the sense of pay as much as you can. Once you pay that one off, go to the second lowest debt and so on.
This is key and it really makes you feel like you are getting your debt paid off fast.
Make a monthly and/or weekly chart with what money comes in and what money goes out.
Best of Luck,
Elizabeth R.
Reply:Check out the interest rates on these various cards.
Do whatever it takes to reduce them:
- pay down the highest one first, as fast as you can.
- transfer the balances to lower rate cards
- take full advantage of any promotional rates or offers in doing the above.
- try to get the rates reduced. The words "balance
transfer to my other card" might work magic in that
regard.
Do not put anything more on any of these cards
until you are no longer paying finance charges.
Since you are carrying a balance, every dollar you
add - even if you will pay it the same month - will
add to the finance charges.
Don't even let the words "minimum payment" cross your mind. Reduce those balances as fast as you can.
Reply:Do NOT get behind in any of your payments. Get a part time job and attack that lowest one until its gone. As Dave Ramsey says, "Beans and rice, rice and beans, and get out of debt." See if any of your junk mails offer zero percent financing for a year and use that time to really get out of debt.
Do call your creditors and tell them you're going to transfer the amounts of your cards to others with lower interest rates. If they refuse to lower them, ask to speak to a supervisor. It's worth the hour of aggravation to get a lower rate. Good luck!
Reply:Most likely there are two ways to consolidate your combine credit card debts. One of the way is Credit Card Consolidation Loan, which is a type of unsecured personal loan. Credit Card Debt Consolidation Loan shortly means one loan for all your credit card debts. When you have several credit card debts, you can consolidate it into one lower, fixed rate loan. You make a single lump sum payment each month to your credit counselor and he in turn will pay off to your current creditors.
Another way is credit card debt settlement plan wherein a debt settlement company would negotiate a lower lump sum payment to pay to your Credit Card Companies i.e. your creditors off and as a result you end up paying fifty percent or even sometimes lower, of your outstanding balance to them.
If you maintain consistency in your payment, you can expect to raise your credit score.
Here is the source of a credit counseling company named http://ezconsolidation.com who would help you paying off your debts.
Reply:Approach a debt consolidation company for help, instead of paying high rate of interest to your card issuer. Most of the debt consolidation companies provide loans to help you tide over the credit card debts. These loans are known as credit card debt consolidation loan. The advantage of this loan is that you are charged a low rate of interest. The difference between the interest charged on the credit card and the interest on the credit card debt consolidation loan is substantial, saving you quite a big sum of money.
However you should note that credit card debt consolidation loan may not be right for all. Before applying for any loan, consult your financial advisor and apprise him of your problem. He will analyze your situation, and decide whether credit card debt consolidation loan is right for you or not. Take this loan only if he recommends it.
http://debt-refinance-loan.com/category/...
Reply:Call all of them and work out a payment plan and try to get your interest lowered or stopped.
Then, make the minimum payments on every one of them. On the lowest dollar value, put all your extra effort toward paying it off. Once it is paid off, then roll that extra money to the next largest balance. Continue this snowball until all your debts are paid off.
You probably need to cut your expenses back to the bare minimum. Get rid of cable, cell phones, internet, etc. Lower your electric bill, gas bill, water bill, etc. Don't eat at a restaurant until your debts are under control. Take a sandwich for lunch. Cancel the gym membership.
Try to increase your income by getting a second job. If you have a car with payments, get rid of it, and buy a good dependable used car for CASH.
Go to the library and get "The Total Money Makeover". Read it and follow it carefully.
Go check out Dave's website as well. Yahoo is blocking his site again, so take out the spaces in the following:
www. Dave ramsey. com
Reply:1st: I would go to get a consolidation loan. Then I would make sacrifices similar to those that Rick B suggested. I would pay the 2-4 X's them minimum payment monthly. The hardest thing to do it to stick to the plan of paying more than the minimum but once it is all paid out it will be the best thing that you could do for yourself now %26amp; in the future.
Good Luck!!
Reply:Great answer! Dave Ramsey is a self taught genius. Unfortunately, most creditors are not going to give YOU the best possible deal when negotiating, so for the rest of us who don't want to take a chance on paying 30% more than we should or just plain don't have the time or know how to deal with this crap, there are some very reputable companies out there who will do all this for you, and I know of one that will even send you on a vacation or give you $200 in free gas to help you de-stress! Go here
http://www.squidoo.com/debt-reduction-se...
to check out all your options and view the pros and cons. I know this much, 30% of $12k is $4 grand. that's a lot of money to gamble with. If I were you, I would get a professional team behind me to handle ALL of it. A simple ten minute call could save you $4k? Sounds like a no brainer to me! Especially with a score that high. If you don't do this right it will be a LONG time before you see 698 again!
Good luck and God bless!
If a collection debt is paid is it immediately taken off your credit report?
If a debt placed into collections is paid, do they legally have to take it off your credit report immediately or asap.
If a collection debt is paid is it immediately taken off your credit report?
NO! It's your debt, and it's actually your job to make sure it is taken off your report. Get the paperwork from the company to say that it has been paid, and it has been settled, then send that to each one of the credit reporting companies.
Then follow up with them to make sure that it was taken off...actually paid off. It usually takes about 30-60 days. Also, it can still look bad to some people that look at your credit, so make sure to explain to them that it was a mistake that you didn't pay it originally, and that you have paid it and it is cleared up now.
Good luck!
Reply:The only thing they have to do is change the status to "PAID". The collection can remain for 7 years from the first delinquency of the original account. For example: You had a Chase Visa and the last time you paid on it was Oct 2003. Eventually they probably charged off the account and sold it to a collection agency. The collection agency and Chase can report this item until Oct 2010, after Oct 2010 both will fall off. For credit scoring purposes, a PAID collection is not any better than an UNPAID collection.
Reply:no it will stay on for 7 years in most states. u need to negotiate with company by saying i will pay but only if you delete it or stop reporting it. its called pfd or pay for delete. look it up on myfico in their forum section! for an actually free credit report go to annualcreditreport.com
Reply:I was told by a debt collector that it will take 30 days from the final payment and then it will be placed as paid in full on your credit report
Reply:no it will not be taken off -- it will just show the debt is paid late!!
Reply:No, they do not. They do need to change the status to 'paid', but it will remain in your credit report for the next seven years.
Reply:It will show on your report as paid, but it will also be listed as being deliquent prior to being paid.
Reply:It has to be done in a reasonable time, depending on how often a company sends updates it may be anywhere from about 30-60 days. When they do update it the only legal requirement, per the Fair Credit Reporting Act(FCRA) is that what they report is correct. So if you paid if off they must show that. They are not under any obligation to remove the listing.
If you want them to remove it you must send them what is known as a "Pay for Delete" letter. This basically states that once you pay the debt they will remove the listing. Only after you have something in writing from them is when you should pay them any money.
If a collection debt is paid is it immediately taken off your credit report?
NO! It's your debt, and it's actually your job to make sure it is taken off your report. Get the paperwork from the company to say that it has been paid, and it has been settled, then send that to each one of the credit reporting companies.
Then follow up with them to make sure that it was taken off...actually paid off. It usually takes about 30-60 days. Also, it can still look bad to some people that look at your credit, so make sure to explain to them that it was a mistake that you didn't pay it originally, and that you have paid it and it is cleared up now.
Good luck!
Reply:The only thing they have to do is change the status to "PAID". The collection can remain for 7 years from the first delinquency of the original account. For example: You had a Chase Visa and the last time you paid on it was Oct 2003. Eventually they probably charged off the account and sold it to a collection agency. The collection agency and Chase can report this item until Oct 2010, after Oct 2010 both will fall off. For credit scoring purposes, a PAID collection is not any better than an UNPAID collection.
Reply:no it will stay on for 7 years in most states. u need to negotiate with company by saying i will pay but only if you delete it or stop reporting it. its called pfd or pay for delete. look it up on myfico in their forum section! for an actually free credit report go to annualcreditreport.com
Reply:I was told by a debt collector that it will take 30 days from the final payment and then it will be placed as paid in full on your credit report
Reply:no it will not be taken off -- it will just show the debt is paid late!!
Reply:No, they do not. They do need to change the status to 'paid', but it will remain in your credit report for the next seven years.
Reply:It will show on your report as paid, but it will also be listed as being deliquent prior to being paid.
Reply:It has to be done in a reasonable time, depending on how often a company sends updates it may be anywhere from about 30-60 days. When they do update it the only legal requirement, per the Fair Credit Reporting Act(FCRA) is that what they report is correct. So if you paid if off they must show that. They are not under any obligation to remove the listing.
If you want them to remove it you must send them what is known as a "Pay for Delete" letter. This basically states that once you pay the debt they will remove the listing. Only after you have something in writing from them is when you should pay them any money.
How much secured debt are you allowed to have and still file ch 13?
I know there is a limit to secured debt, i want to know what it is.
How much secured debt are you allowed to have and still file ch 13?
Different states have different rules. Plus, there are federal exemptions. You'll need to look up your state and see what they allow.
Genealogy
How much secured debt are you allowed to have and still file ch 13?
Different states have different rules. Plus, there are federal exemptions. You'll need to look up your state and see what they allow.
Genealogy
Is a debt collector supposed to be discussing with someone else about how much money I owe?
I don't think it was the credit card debt collector's place or position to tell my former foster mom how much debt I owe. I'm a grown woman with a college degree, %26amp; the foster mom has nothing to do with my finances. %26amp; then she used it against me %26amp; threw it in my face %26amp; made me feel bad. I fell into debt as a result of Hurricane Katrina %26amp; had trouble getting out, ever since. %26amp; then, the foster mom tried to tell me I need to learn how to manage my money. I already do. I just have an unfortunate situation that I'm dealing with right now.
Is a debt collector supposed to be discussing with someone else about how much money I owe?
It is a violation of Federal Law for debt collection agency to discuss any aspect of a debt they are trying to collect with anyone other than the debtor or their spouse (and in many states they can't even discuss it with a spouse). You may find that you will no longer have to pay the debt depending on the laws of your state.
Also, I know of professionals who can help you out of your situation since it is Katrina related credit issues. You may contact me if you want further information.
Reply:Report the debt colector to the Hypa act... debt collectors can not share any information to anyone... http://www.creditbloggers.com/2006/04/re...
Reply:No.. that kind of behavior is illegal under the Fair Debt Collection Act. They do things like this to scare you and get you to pay up.
You should report them to the Federal Trade Commision.
Reply:absolutely NOT.....huge list of rules and regs this person has broke by discussing your situation with them, BUT maybe in the company's defense did you foster parents give them the impression that IF they knew the details they would help out sorting out the mess you are in.
First step is to find out just how much the foster parents know, then go back to company go above this persons head put ALL of this in writing.....phone calls are where you might lose your temper [rightly so] but can weaken your stance of the one being in the right..............when you write to the company give them a deadline of say 8 days to respond with their action plan of putting this matter to rights and ask that this reply is also in writing, when you send off your letters ensure that they are signed for and you have records of them.
Sorry to hear about your run of bad luck, but hopefully this is just a glitch for you and things will be back on track real soon.
Reply:Well you need to rport them to their supervisor. Even if it's your Mom or Dad the credit company shouldn't discuss your situation with anybody but you. So file a complaint and when you talk to them don't be nice be as rude as you can be and let them know how you feel. And remember how they would treat you if it was the other way around, so enjoy it. Kinda like pay back. So file a report on them and tell them your reporting them to the Better Business Bureau, too.
Reply:Collectors get a % of what they collect, regardless of whom they get it from.
Some will get aggressive with family, especially parents or grandparents trying to scare them into paying for the child. Years ago they traumatized my elderly parents , telling them horror stories of what they would do to me if it wasn't paid.
After I found out, i told the parents to just hang up on them, then I called the collections agency . . .
I told the agent I was coming to smash his dialing fingers so he may want to train for other employment.
I told his supervisor that due to the employees tactics, and traumatizing my elderly parents, I would NOT be paying the bill EVER . . . and asked how well those stupid tactics were working now ?
Report the loser, to the authorities and his boss. (although the boss is probably of the same ilk)
Is a debt collector supposed to be discussing with someone else about how much money I owe?
It is a violation of Federal Law for debt collection agency to discuss any aspect of a debt they are trying to collect with anyone other than the debtor or their spouse (and in many states they can't even discuss it with a spouse). You may find that you will no longer have to pay the debt depending on the laws of your state.
Also, I know of professionals who can help you out of your situation since it is Katrina related credit issues. You may contact me if you want further information.
Reply:Report the debt colector to the Hypa act... debt collectors can not share any information to anyone... http://www.creditbloggers.com/2006/04/re...
Reply:No.. that kind of behavior is illegal under the Fair Debt Collection Act. They do things like this to scare you and get you to pay up.
You should report them to the Federal Trade Commision.
Reply:absolutely NOT.....huge list of rules and regs this person has broke by discussing your situation with them, BUT maybe in the company's defense did you foster parents give them the impression that IF they knew the details they would help out sorting out the mess you are in.
First step is to find out just how much the foster parents know, then go back to company go above this persons head put ALL of this in writing.....phone calls are where you might lose your temper [rightly so] but can weaken your stance of the one being in the right..............when you write to the company give them a deadline of say 8 days to respond with their action plan of putting this matter to rights and ask that this reply is also in writing, when you send off your letters ensure that they are signed for and you have records of them.
Sorry to hear about your run of bad luck, but hopefully this is just a glitch for you and things will be back on track real soon.
Reply:Well you need to rport them to their supervisor. Even if it's your Mom or Dad the credit company shouldn't discuss your situation with anybody but you. So file a complaint and when you talk to them don't be nice be as rude as you can be and let them know how you feel. And remember how they would treat you if it was the other way around, so enjoy it. Kinda like pay back. So file a report on them and tell them your reporting them to the Better Business Bureau, too.
Reply:Collectors get a % of what they collect, regardless of whom they get it from.
Some will get aggressive with family, especially parents or grandparents trying to scare them into paying for the child. Years ago they traumatized my elderly parents , telling them horror stories of what they would do to me if it wasn't paid.
After I found out, i told the parents to just hang up on them, then I called the collections agency . . .
I told the agent I was coming to smash his dialing fingers so he may want to train for other employment.
I told his supervisor that due to the employees tactics, and traumatizing my elderly parents, I would NOT be paying the bill EVER . . . and asked how well those stupid tactics were working now ?
Report the loser, to the authorities and his boss. (although the boss is probably of the same ilk)
Can a debt collector get their money back from an estate sale if the debt is from more than 7 years ago?
So, if you have debt from 10 years ago and you buy a house and sell it before you die, can debt collectors get their money from the estate sale?
Can a debt collector get their money back from an estate sale if the debt is from more than 7 years ago?
If a lawsuit was filed and the company won than they can collect. They won't be able to file a lawsuit after the statute of limitations, which in some states is up to 15 years.
Reply:The first answer was right
The Statute of Limitations begins to run from the
day the debt, or payment on an open-ended account, was due. This information can be a powerful weapon in unburdening yourself of old debts, because creditors have a limited time in which to sue you.
The first thing you should do is determine if the statute of limitations for collecting a debt in your state has passed. In most cases, a debt will disappear from your credit report after seven years. If the debt is older than the statute of limitations, you should tell the bill collectors they are wasting their time by harassing you for an uncollectable
debt, as the original creditor or the assigned collection agency cannot take you to court to get a judgment.
Trying to collect on a debt is also a violation of the
FDCPA. Your credit report will tell you the date of the last activity on your account (the last time that you made a payment).
If necessary, send the collector a copy of your credit report with the date of last activity circled, along with a certified letter stating that the statute of limitations has expired.
Please note that the amount of time a late payment can appear on your credit report has nothing to do with the statute of limitations. This is a very important distinction. Even though a debt may no longer legally appear on your credit
report after seven years, you could still be sued for the debt if the statute of limitations in your state is longer than seven years.
For more info go to www.harrisandassociatescreditrepair1.com
Reply:Don't be fool, just because the credit file doesn't show an debt you owe over 7 or 10 years doesn't mean your in the clear, your debt can be sold to another creditor, who would put it in the file and draw interest onto you existing debt, even dead accounts, by law they can chase you up to 30 years, all they got to do is file your debt in court and serve you paper with court fees and new charges, this process can go on for 30 years and they can by court order freeze your bank accounts and the banks have no other choice buy to release your funds, if you have a house that's is free and clear or if you have the deed, then transfer the deed to a shelf corporation, this is asset protection, a corporation speaks for itself and by can not be touch by your creditors, you can put your profits in the corporation as well and they can not touch your money, how ever you must pay annual due corporate fees.
Reply:Well first off, you can pretty much ignore Calvin's answer. Not sure where he got that tripe from, but none of it is correct.
If the statute of limitations has expired like Hope mentioned, then you no longer have any legal obligation to pay.
Reply:It depends on the statue of limitations in your state.
http://www.expertlaw.com/library/limitat...
Reply:While you are in Debts Here are your options!
Do nothing!
This is actually one of the option alot of people try doing and finally put themself into deeper problem. You will eventually start getting calls from collection agencies and they will offer you settlement of around 50 to 70% meaning you will have to pay around 60% back in 1 payment which is not easy...
Debt Consolidation
Debt consolidation loan will help you to consolidation all your debts into 1 and you will start making 1 payment every month and they will start paying your creditor. This is something which will lower your interest rate but you need to understand debt consolidation will not do anything good to the principle amount.
Bankruptcy
Filing for a bankruptcy is another option but i am sure you understand you don't want this because this will stay on your credit report forever. This takes control out of your hands for more than 7 years and you still make monthly payments, so lets forget about this for now
CCCS - Credit counseling program
CCC organizations are usually designated as non-profits by the IRS, although many of these firms recently lost that status because the IRS felt that had "for profit" motives. These organizations combine your payments to one monthly payment, where you pay back all of the principal, some interest and some fees. Many CCC organizations receive funding from creditors as well as payment from their clients.
Many times these programs are generally drawn out over four to six years and less than one out of four actually complete the program. Many times these payments are higher than the original credit card payments and this program can have a non flattering affect on your credit.
So here is what you need!
Debt Settlement
Debt settlement or debt arbitration is a legal process used by both people in debt and their creditors to negotiate a settlement of an existing legal debt. This proactive approach is the most cost-effective option to pay off your current debt while avoiding the negative effects of bankruptcy. Any person owing credit card debt, or any other debt, has the legal right to contact and negotiate with the creditors. This practice however, takes time to master and certain skills to get the maximum benefits. The Debt Settlement Company works diligently and professionally with your creditors on your behalf to reduce your current unsecured debt balances down 40-60% by arbitrating an agreed settlement amount with your creditors.
Me %26amp; wife were in the same problem around a year back and we went with this debt settlement company. They reduced our debts down to 48% and obviously that was a big Relief... I like talking good about this company! Debt Care USA 800-266-9085
Can a debt collector get their money back from an estate sale if the debt is from more than 7 years ago?
If a lawsuit was filed and the company won than they can collect. They won't be able to file a lawsuit after the statute of limitations, which in some states is up to 15 years.
Reply:The first answer was right
The Statute of Limitations begins to run from the
day the debt, or payment on an open-ended account, was due. This information can be a powerful weapon in unburdening yourself of old debts, because creditors have a limited time in which to sue you.
The first thing you should do is determine if the statute of limitations for collecting a debt in your state has passed. In most cases, a debt will disappear from your credit report after seven years. If the debt is older than the statute of limitations, you should tell the bill collectors they are wasting their time by harassing you for an uncollectable
debt, as the original creditor or the assigned collection agency cannot take you to court to get a judgment.
Trying to collect on a debt is also a violation of the
FDCPA. Your credit report will tell you the date of the last activity on your account (the last time that you made a payment).
If necessary, send the collector a copy of your credit report with the date of last activity circled, along with a certified letter stating that the statute of limitations has expired.
Please note that the amount of time a late payment can appear on your credit report has nothing to do with the statute of limitations. This is a very important distinction. Even though a debt may no longer legally appear on your credit
report after seven years, you could still be sued for the debt if the statute of limitations in your state is longer than seven years.
For more info go to www.harrisandassociatescreditrepair1.com
Reply:Don't be fool, just because the credit file doesn't show an debt you owe over 7 or 10 years doesn't mean your in the clear, your debt can be sold to another creditor, who would put it in the file and draw interest onto you existing debt, even dead accounts, by law they can chase you up to 30 years, all they got to do is file your debt in court and serve you paper with court fees and new charges, this process can go on for 30 years and they can by court order freeze your bank accounts and the banks have no other choice buy to release your funds, if you have a house that's is free and clear or if you have the deed, then transfer the deed to a shelf corporation, this is asset protection, a corporation speaks for itself and by can not be touch by your creditors, you can put your profits in the corporation as well and they can not touch your money, how ever you must pay annual due corporate fees.
Reply:Well first off, you can pretty much ignore Calvin's answer. Not sure where he got that tripe from, but none of it is correct.
If the statute of limitations has expired like Hope mentioned, then you no longer have any legal obligation to pay.
Reply:It depends on the statue of limitations in your state.
http://www.expertlaw.com/library/limitat...
Reply:While you are in Debts Here are your options!
Do nothing!
This is actually one of the option alot of people try doing and finally put themself into deeper problem. You will eventually start getting calls from collection agencies and they will offer you settlement of around 50 to 70% meaning you will have to pay around 60% back in 1 payment which is not easy...
Debt Consolidation
Debt consolidation loan will help you to consolidation all your debts into 1 and you will start making 1 payment every month and they will start paying your creditor. This is something which will lower your interest rate but you need to understand debt consolidation will not do anything good to the principle amount.
Bankruptcy
Filing for a bankruptcy is another option but i am sure you understand you don't want this because this will stay on your credit report forever. This takes control out of your hands for more than 7 years and you still make monthly payments, so lets forget about this for now
CCCS - Credit counseling program
CCC organizations are usually designated as non-profits by the IRS, although many of these firms recently lost that status because the IRS felt that had "for profit" motives. These organizations combine your payments to one monthly payment, where you pay back all of the principal, some interest and some fees. Many CCC organizations receive funding from creditors as well as payment from their clients.
Many times these programs are generally drawn out over four to six years and less than one out of four actually complete the program. Many times these payments are higher than the original credit card payments and this program can have a non flattering affect on your credit.
So here is what you need!
Debt Settlement
Debt settlement or debt arbitration is a legal process used by both people in debt and their creditors to negotiate a settlement of an existing legal debt. This proactive approach is the most cost-effective option to pay off your current debt while avoiding the negative effects of bankruptcy. Any person owing credit card debt, or any other debt, has the legal right to contact and negotiate with the creditors. This practice however, takes time to master and certain skills to get the maximum benefits. The Debt Settlement Company works diligently and professionally with your creditors on your behalf to reduce your current unsecured debt balances down 40-60% by arbitrating an agreed settlement amount with your creditors.
Me %26amp; wife were in the same problem around a year back and we went with this debt settlement company. They reduced our debts down to 48% and obviously that was a big Relief... I like talking good about this company! Debt Care USA 800-266-9085
How do I know if the debt settlement company I'm working with is competent?
I'm so worried about getting screwed by an incompetent company. Also, I checked with Debtmerica and they're trying to charge me a 15% fee to do the debt negotiation. I've checked with a few other places too and somebody recommended going with an attorney-based debt settlement company to get better results. Any help would be appreciated.
How do I know if the debt settlement company I'm working with is competent?
I've recently looked up some debt settlement companies for my sister so let me give you a little info:
1) Always ask if the company is a member of TASC (The association of Settlement Companies) They are the Better Business Bureau of Settlement companies and make sure these companies are operating within compliance regulations.
2) Always ask how much it costs. Usually there's a setup fee, a servicing fee, and a negotiation fee. The setup fee will usually range from $100-$200. The servicing fee can go anywhere from $70-$10/month. The negotiation fee ranges from 8%-15%.
3) It would definitely behoove you to check out any attorney or attorney-based company to handle all your debt settlement as they are stricter on compliance guidelines.
Try going to: www.tascsite.org and looking up some companies.
A good blog I read: http://iclosem.wordpress.com has some great articles on debt settlement. I would definitely look into that.
I was listening to the Howard Stern show the other day and it looks like KC armstrong just signed up for debt settlement with this company called Envision Debt Solutions (www.envisiondebtsolutions.com). I ended up sending my sister there as they answered all my questions right. They have an 8% retainer fee (since they're an attorney based company) and all the contracts you sign are with the attorneys. They were actually very courteous and professional and guided my sister through the whole process. Give them a call at: 800-515-9603
How do I know if the debt settlement company I'm working with is competent?
I've recently looked up some debt settlement companies for my sister so let me give you a little info:
1) Always ask if the company is a member of TASC (The association of Settlement Companies) They are the Better Business Bureau of Settlement companies and make sure these companies are operating within compliance regulations.
2) Always ask how much it costs. Usually there's a setup fee, a servicing fee, and a negotiation fee. The setup fee will usually range from $100-$200. The servicing fee can go anywhere from $70-$10/month. The negotiation fee ranges from 8%-15%.
3) It would definitely behoove you to check out any attorney or attorney-based company to handle all your debt settlement as they are stricter on compliance guidelines.
Try going to: www.tascsite.org and looking up some companies.
A good blog I read: http://iclosem.wordpress.com has some great articles on debt settlement. I would definitely look into that.
I was listening to the Howard Stern show the other day and it looks like KC armstrong just signed up for debt settlement with this company called Envision Debt Solutions (www.envisiondebtsolutions.com). I ended up sending my sister there as they answered all my questions right. They have an 8% retainer fee (since they're an attorney based company) and all the contracts you sign are with the attorneys. They were actually very courteous and professional and guided my sister through the whole process. Give them a call at: 800-515-9603
What is the best way to deal with credit card debt? Consolidate or Credit counseling company?
Just had a major surgery and racked up some major credit card debt while being out of work. Just looking to see where I could start now that I am going back to work.
What is the best way to deal with credit card debt? Consolidate or Credit counseling company?
If you are able, take out a home equity loan. Pay off the credit card bills with the proceeds. Then pay off the home equity loan as quickly as possible. This is a win-win situation. You get the credit card bills paid off, plus the interest on the home equity loan is a tax deduction.
Or, you could line up the credit card bills by 1)interest rate, 2)highest amount owed to lowest amount owed, or 3)lowest amount owed to highest amount owed. Whatever way you line them up, start paying them off.
I preferred the lowest amount owed to the highest amount owed. I paid the most money to the lowest balance, then paid the remaining bills just above the minimum required. As the lowest bill was paid off, I then applied that same amount plus the minimum to the next highest bill. As that bill was paid off, I then applied that amount plus the minimum to the next bill, etc.
Now Susie Orman would disagree with this method, but I found great satisfaction in seeing the bills disappear more quickly than if I had paid off the highest interest rate bill (regardless of balance) or the highest balance bill first. Plus, I think when you have big bills hanging over your head, you need to see progress as quickly as possible. It really gives you a boost to see those bills drop off the face of the earth.
Good luck!
Reply:Pay it off as fast as you can. Sometimes you can kite it for a while. Convert it to a mortgage is sometimes cheaper interest and tax deductible. You don't sound like you need counseling . Consolidate only if you can get a cheaper interest rate including fees.
Reply:Consolidation is the best solution available to the credit cardholders to improve their future credit. People go for debt consolidation for many reasons: prolonging the loan period from 5 - 15 years and reducing the interest rate. Consolidation allows you to go for a loan with lower interest rate than the one you are currently paying. Besides it simplifies the loan repayment as you are paying only one lender in place of various payments to different lenders.
Reply:I recommend to see a credit counselor to find a best payment option for your financial situation.
For example: Some people took out an equity loan for their house to pay for their credit card debt, however it also caused to lag in payments when the equity loan interest increased. Why lose your house over a credit card loan? So, I suggest go to a reputable credit counselor or financial manager.
Reply:I'd recommend credit counseling. See what they have to offer. Have you tried to contact each creditor individually to see if you can make different payment arrangements or if an interest rate can be lowered to lower your payments. A lot of times creditors would rather work with you than lose money. If the credit counseling doesn't provide any sound advice, then try debt consolidation...but be wary of some of the places that offer this service.
Reply:Debt managers cant do anything for you that you can not do for yourself. They only mess up your credit even more and charge you for it.
Additionally, since collectors and creditors have not obligation to even discuss the account with your credit manager and your credit manager can not stop creditors and collectors from sueing you or calling you directly...whats the point?
You need to do it yourself my friend. Go to www.annualcreditreport.com and get a free credit report. You can do that right now. Check out your debts and start with the ones that want to sue you first. Before anything starts. Call them and begin to negotiate. I know people say bill collectors or agents are horrible but that is not always the case. Maybe in some cases but we dont all bite. I promise. (wink)
Look...the best time to negotiate debts is at the end of the month when they are frantic to meet their quotes.
The best way to go about it is to take it one creditor at a time. Make a deal and begin to settle. Start by offering 30% on credit bills and 15% on medical bills. The collector will start working the number up and negotiating. Give them the story that you are broke but dont lie to much as they have means of checking and it might upset them than they wont be open for such negotiations. Once you have a deal than its a deal and be sure to get it in writing before you pay anthing. At the same time try and make them throw in there that they will delete it off your credit report. Most of them will say pay all and I will others may agree. Make sure that is in writing as well. Some collectors may even accept your settlement in a couple of payment if it is too large for you to make. Naturally they will try and up the limit as much as you can but once you reached your max than put your foot down. If they dont take it at that moment...they will call you back when they are catching heat from the boss for not puting enough $$ into his piggy bank. Trust me.
If you can not afford to make settlements than call them and negotiate a payment plan with them that you are comfortable with and know you will not default on. If they ask you to sign a payment plan agreement. Be sure its not a stipulation of judgment. Whats that?? Its a legal doc that says if you default they can submit it to the court and get a judgment against you without even bothering with litigation.
Make your payments and your home free.
Be sure not to request validation on accounts that you know are valid. If they are and the collector knows they are...it may make them think your taking them for a fool or trying what they call a "stall tactic". Than it might upset them and make the pull the trigger and have you served right away. You dont need that!!!
But if you see something on your credit report that is not valid. File a dispute with all three major credit reporting bureaus and call the collector and ask for validation.
Good Luck
lilac
What is the best way to deal with credit card debt? Consolidate or Credit counseling company?
If you are able, take out a home equity loan. Pay off the credit card bills with the proceeds. Then pay off the home equity loan as quickly as possible. This is a win-win situation. You get the credit card bills paid off, plus the interest on the home equity loan is a tax deduction.
Or, you could line up the credit card bills by 1)interest rate, 2)highest amount owed to lowest amount owed, or 3)lowest amount owed to highest amount owed. Whatever way you line them up, start paying them off.
I preferred the lowest amount owed to the highest amount owed. I paid the most money to the lowest balance, then paid the remaining bills just above the minimum required. As the lowest bill was paid off, I then applied that same amount plus the minimum to the next highest bill. As that bill was paid off, I then applied that amount plus the minimum to the next bill, etc.
Now Susie Orman would disagree with this method, but I found great satisfaction in seeing the bills disappear more quickly than if I had paid off the highest interest rate bill (regardless of balance) or the highest balance bill first. Plus, I think when you have big bills hanging over your head, you need to see progress as quickly as possible. It really gives you a boost to see those bills drop off the face of the earth.
Good luck!
Reply:Pay it off as fast as you can. Sometimes you can kite it for a while. Convert it to a mortgage is sometimes cheaper interest and tax deductible. You don't sound like you need counseling . Consolidate only if you can get a cheaper interest rate including fees.
Reply:Consolidation is the best solution available to the credit cardholders to improve their future credit. People go for debt consolidation for many reasons: prolonging the loan period from 5 - 15 years and reducing the interest rate. Consolidation allows you to go for a loan with lower interest rate than the one you are currently paying. Besides it simplifies the loan repayment as you are paying only one lender in place of various payments to different lenders.
Reply:I recommend to see a credit counselor to find a best payment option for your financial situation.
For example: Some people took out an equity loan for their house to pay for their credit card debt, however it also caused to lag in payments when the equity loan interest increased. Why lose your house over a credit card loan? So, I suggest go to a reputable credit counselor or financial manager.
Reply:I'd recommend credit counseling. See what they have to offer. Have you tried to contact each creditor individually to see if you can make different payment arrangements or if an interest rate can be lowered to lower your payments. A lot of times creditors would rather work with you than lose money. If the credit counseling doesn't provide any sound advice, then try debt consolidation...but be wary of some of the places that offer this service.
Reply:Debt managers cant do anything for you that you can not do for yourself. They only mess up your credit even more and charge you for it.
Additionally, since collectors and creditors have not obligation to even discuss the account with your credit manager and your credit manager can not stop creditors and collectors from sueing you or calling you directly...whats the point?
You need to do it yourself my friend. Go to www.annualcreditreport.com and get a free credit report. You can do that right now. Check out your debts and start with the ones that want to sue you first. Before anything starts. Call them and begin to negotiate. I know people say bill collectors or agents are horrible but that is not always the case. Maybe in some cases but we dont all bite. I promise. (wink)
Look...the best time to negotiate debts is at the end of the month when they are frantic to meet their quotes.
The best way to go about it is to take it one creditor at a time. Make a deal and begin to settle. Start by offering 30% on credit bills and 15% on medical bills. The collector will start working the number up and negotiating. Give them the story that you are broke but dont lie to much as they have means of checking and it might upset them than they wont be open for such negotiations. Once you have a deal than its a deal and be sure to get it in writing before you pay anthing. At the same time try and make them throw in there that they will delete it off your credit report. Most of them will say pay all and I will others may agree. Make sure that is in writing as well. Some collectors may even accept your settlement in a couple of payment if it is too large for you to make. Naturally they will try and up the limit as much as you can but once you reached your max than put your foot down. If they dont take it at that moment...they will call you back when they are catching heat from the boss for not puting enough $$ into his piggy bank. Trust me.
If you can not afford to make settlements than call them and negotiate a payment plan with them that you are comfortable with and know you will not default on. If they ask you to sign a payment plan agreement. Be sure its not a stipulation of judgment. Whats that?? Its a legal doc that says if you default they can submit it to the court and get a judgment against you without even bothering with litigation.
Make your payments and your home free.
Be sure not to request validation on accounts that you know are valid. If they are and the collector knows they are...it may make them think your taking them for a fool or trying what they call a "stall tactic". Than it might upset them and make the pull the trigger and have you served right away. You dont need that!!!
But if you see something on your credit report that is not valid. File a dispute with all three major credit reporting bureaus and call the collector and ask for validation.
Good Luck
lilac
What are some of the ways that collectors/creditors use to collect a debt?
In a normal work day of a debt collector, what are some of the tools or methods they use to collect a debt.
What are some of the ways that collectors/creditors use to collect a debt?
Online skip tracing, calling references ... searching info from utility bills..
Reply:Small steps like paying your bills on time and using only part of the credit available to you. Also use your credit cards for making small payments regularly, so that it is reflected in your credit record. More tips available at http://www.acreditlibrary.com/buildcredi...
Reply:they harass you!!!!! they call you 5 to 6 times a day until you either just don't answer the phone anymore or you give in and actually that's all they want you to do anyway.
Reply:They use all the ugliness you can think of. Hope you are not asking this question to become one of these ugly debt collector. If so, remember... goes around, comes around.
Visit http://www.privacyrights.org/fs/fs27-deb...
Reply:In my country, they put your name and address in the newspaper and ask "would the following persons or persons knowing of their whereabouts please contact...(name of credit agency). They also come to your house early on mornings or on your job to collect the money or you. Some take you to court and you have to pay their fee and the money you owe. Some send you a letter asking you to contact them to make arrangement to pay back the money and that is the first thing that they will do.
If it is for child support that you have to pay through the courts, then they will send about 3 or 4 Marshalls of the Court to put you in jail until someones comes and pay the money on your behalf.
Reply:Lots of times a colector may call either a family member or a reference and act like a old school friend trying to find out everything about you even down to religion and try and at times use that against you.
Reply:They will call your house all the time . Your credit will be tagged with the bad debt . If it is a car boat or something they can take back the will repo it .
What are some of the ways that collectors/creditors use to collect a debt?
Online skip tracing, calling references ... searching info from utility bills..
Reply:Small steps like paying your bills on time and using only part of the credit available to you. Also use your credit cards for making small payments regularly, so that it is reflected in your credit record. More tips available at http://www.acreditlibrary.com/buildcredi...
Reply:they harass you!!!!! they call you 5 to 6 times a day until you either just don't answer the phone anymore or you give in and actually that's all they want you to do anyway.
Reply:They use all the ugliness you can think of. Hope you are not asking this question to become one of these ugly debt collector. If so, remember... goes around, comes around.
Visit http://www.privacyrights.org/fs/fs27-deb...
Reply:In my country, they put your name and address in the newspaper and ask "would the following persons or persons knowing of their whereabouts please contact...(name of credit agency). They also come to your house early on mornings or on your job to collect the money or you. Some take you to court and you have to pay their fee and the money you owe. Some send you a letter asking you to contact them to make arrangement to pay back the money and that is the first thing that they will do.
If it is for child support that you have to pay through the courts, then they will send about 3 or 4 Marshalls of the Court to put you in jail until someones comes and pay the money on your behalf.
Reply:Lots of times a colector may call either a family member or a reference and act like a old school friend trying to find out everything about you even down to religion and try and at times use that against you.
Reply:They will call your house all the time . Your credit will be tagged with the bad debt . If it is a car boat or something they can take back the will repo it .
What persentage of debt to the military can the IRS withhold from a person ?
Is there anyway to reduce the debt(awol) that the military withholds from ia persons ncome tax yearly? Ex. A way to have it forgiven
What persentage of debt to the military can the IRS withhold from a person ?
You might want to ask this question to the IRS. Got to thei r website and ask there.
Reply:I believe they can take your entire tax return. Check with your payroll office so you pay the minimum amount in throughout the year.
What persentage of debt to the military can the IRS withhold from a person ?
You might want to ask this question to the IRS. Got to thei r website and ask there.
Reply:I believe they can take your entire tax return. Check with your payroll office so you pay the minimum amount in throughout the year.
How can I pay off a debt I made online?
I just got my first credit card and plan to use it for online purchases; what methods are available to pay off a debt? I primarily want to know if it's possible to pay off debts using my debit card.
How can I pay off a debt I made online?
by having a job. dont get a loan or else that will put u in more debt.
Reply:Those surveys are total bunk, sure they pay you, in vouchers or points you must earn, not actual money, unless you think 15-20 minutes per survey taken is really worth $2.00
Reply:WARNING!
Stay away from CashCreate, Treasure Trooper and other survey Web sites.
It is a waste of time and will cause you unhappiness.
If you choose to be suckered in and sign up to take surveys and receive, free trials considered you were warned. The minute you give them your credit card and personal information you have now opened your computer to unwanted cookies on your hard drive, annoying pop-up windows and if you are on a PC you open your computer to viruses that can wipe you out.
A lot of work to collect the "reward payments" that payout is not worth the effort over time. You will need to sign up for many types of offers, most of which require you to use a credit card. You start a week trial service with varies types of businesses or services, such as, an Internet service provider, book club, credit monitoring service, etc. to get your reward. If you don't cancel the trial, you end up being charged for the service and each service has different rules about how and when you can cancel. Very cumbersome!
Since you will need to sign up for at least a dozen offers before you get to $100 in rewards, it's very easy to forget what you have signed up for, or the problems you will have canceling in time to to be charged the full amount. The Cash Create recruiters you see here over exaggerate how much money you can earn because once you've done the high-dollar trials ($8-10 each) once, you are left with small rewards of a dollar or two. The survey business is not an efficient way to make money and you are more than likely to loose in the end.
Reply:here's a link on ways to make money online without investing any money http://www.makemoneyfourfree.com
How can I pay off a debt I made online?
by having a job. dont get a loan or else that will put u in more debt.
Reply:Those surveys are total bunk, sure they pay you, in vouchers or points you must earn, not actual money, unless you think 15-20 minutes per survey taken is really worth $2.00
Reply:WARNING!
Stay away from CashCreate, Treasure Trooper and other survey Web sites.
It is a waste of time and will cause you unhappiness.
If you choose to be suckered in and sign up to take surveys and receive, free trials considered you were warned. The minute you give them your credit card and personal information you have now opened your computer to unwanted cookies on your hard drive, annoying pop-up windows and if you are on a PC you open your computer to viruses that can wipe you out.
A lot of work to collect the "reward payments" that payout is not worth the effort over time. You will need to sign up for many types of offers, most of which require you to use a credit card. You start a week trial service with varies types of businesses or services, such as, an Internet service provider, book club, credit monitoring service, etc. to get your reward. If you don't cancel the trial, you end up being charged for the service and each service has different rules about how and when you can cancel. Very cumbersome!
Since you will need to sign up for at least a dozen offers before you get to $100 in rewards, it's very easy to forget what you have signed up for, or the problems you will have canceling in time to to be charged the full amount. The Cash Create recruiters you see here over exaggerate how much money you can earn because once you've done the high-dollar trials ($8-10 each) once, you are left with small rewards of a dollar or two. The survey business is not an efficient way to make money and you are more than likely to loose in the end.
Reply:here's a link on ways to make money online without investing any money http://www.makemoneyfourfree.com
How can I find out if my rebate check was held for a debt?
My rebate check was supposed to be here already, but it isn't. If it has been taken for a federal debt, is there a website that I can go to or a phone number I can call to find out what debt was paid etc?
How can I find out if my rebate check was held for a debt?
Sure. 1-800-304-3107
Reply:You're welcome. TFTP. Report Abuse
Reply:I think the IRS can only collect past due child support, defaults on student loans and money owed to them.
Reply:Many of us haven't seen our checks yet-
floral shops
How can I find out if my rebate check was held for a debt?
Sure. 1-800-304-3107
Reply:You're welcome. TFTP. Report Abuse
Reply:I think the IRS can only collect past due child support, defaults on student loans and money owed to them.
Reply:Many of us haven't seen our checks yet-
floral shops
How can I rebuild my credit after paying off a debt?
I'm 21 and I ruined my credit. I recentley paid off all of my almost $5,000 debt but now all of my accounts are closed. Is there any way for me to rebuild my credit completley or is it too late?
How can I rebuild my credit after paying off a debt?
Are you sure all of your accounts are closed? Or you just can't USE them? There's a difference, and it's a huge one. If you just can't USE them, they still show up on your credit report and count in your favor, because you've had the accounts open for awhile and are 'not using them', or so it looks. If they ARE closed, and you're sure of it, call each individual card company and ask them to re-open the account for you (it can be done... I did it with my Discover Card two months after it was "closed out.") Tell them they don't have to let you USE the account, you'd just like to re-instate it for credit scoring purposes. Most of the time, they will do it, because it's not like they have to let you USE the card. If they won't do that, wait three months. I say that because credit companies update your FICO score every three months. Once your accounts are closed, you will stop getting negative remarks for having late or missed payments, so your FICO score will go up a bit. Get a pre-paid credit card through your bank and DON'T use it. Buy a pair of socks on it, then pay it off immediately. This opens the card for you, but shows a higher unused balance. Another thing to do is to get a home equity loan (don't freak out... just read) on a Revolving Line of Credit. It doesn't matter what your interest rate is, because you're not going to use it. Getting approved for the loan allows you to take nothing upfront (because it's revolving, like a credit card) but allows you to have a "$5000 credit limit" or whatever you were approved for. When you have "$5000 of available credit" that you DON'T USE, it will skyrocket your FICO score and work in your favor BIGTIME. Most of your credit score is based on whether you pay your bills on time, but another huge part is your ratio of used credit to available credit. Just make sure you DON'T USE the equity loan. They say you can only raise your FICO score about 50 points in one year TOPS, but that simply IS NOT TRUE! I had a client whose FICO I got to 680 after he was at a 510 the year before. Six more months and he'll be at a 730, which puts him in the TOP category with the lowest interest rates. Good luck!
Reply:t's very easy to say the least. Go to http://www.newmillcredit.com. We have a store house of good info there and if you choose. We can do it for you. And of course, you can repair it on your own for little or nothing. But if you're like most people and do not want to be bothered with the head-ache of trying to figure out where to send in necessary paperwork, just let us do it. We are one of the cheapest one's out there. And we do it legally! Don't be fooled by people that say that they can get everything off because in all actually, there are some things that can not be removed unless you pay it off ( such as child support ). I hope this helps!
Reply:In order to build up credit and establish a good credit, you must show a number of stabilizing attributes. Most notably, your report must prove to the lender that he will get his money back. Here are some suggestions:
OPEN A BANK ACCOUNT
Open a bank account and use it responsibly. This is the first step in establishing a financial history.
CO-SIGN
One way is to piggy-back onto someone who already has a good credit history established and is willing to co-sign. Once the co-signing has occurred, you simply make payments on or before the due date. In time you will have established a credit history.
SECURED CREDIT CARD
Apply for a credit card. Shop around and only apply for a card if you can meet the lender's requirements. Responsible use (spending within your budget and paying your bill on time) will help you build a good credit history.
DEPARTMENT AND GASOLINE CREDIT CARDS
Since gasoline credit cards are not revolving (cannot carry a balance forward month-to-month), often they are easier to obtain than regular credit cards. Similarly, some department stores offer revolving credit for a specific purchase and this is sometimes easier to establish. It is also a great way to establish credit.
This website can be very useful for you:
http://www.howtoestablishgoodcredit.com/...
Reply:I have placed this in the source box. There is a wealth of information there and a great free debt management software program. I bookmarked the site as I return to it often for the advice it offers. I hope this helps you.
Reply:of course you can. it may take some time, but...
open a credit card and use it, WISELY, and pay on time. That's all there is to it. Should be good in less than 2 years if lucky. But hey, you're only 21.
www.letsgobble.com
Reply:To be honest with you, the times you've been reported late's already a dead issue at this point, if you were late you were late. What's done is done. Hey people make mistakes, that's why pencils are made with a piece of rubber at the end. Let's move forward. The main thing is not to accumulate anymore debt than you already have. Establish a banking relationship by opening up a checking and savings account. After you've had that awhile, ask them if they offer secured credit cards that you can secure a deposit (let's say like $200) for the same amount in credit. If you're able to get one, I'd strongly suggest that you keep the balance low, if not 0 every month. That way, they can see that you're responsibile and ultimately convert it to an unsecured card. Like I said again, use it for EMERGENCIES only. If you have been paying for things on time like rent, utilities, phone, insurance, etc., you have the right under the FCRA to have that reported and considered in the future when you apply for credit. Click on this link at check out this website ( http://www.prbc.com/consumers ) This agency (PRBC) is a reporting agency that consumers like you and me can enroll in and have up to 3 years historical payment history reported. All that information is comprised into a Bill Payment Score (BPS). This can be used along with your standard credit reports whenever you apply for credit in the future. When your credit is evaluated, lenders don't always see the "big picture", and tend to have a preconcieved notion that you were irresponsible, or just a flat out dead beat, instead of "here and the now". 35% of your traditional credit report is comprised up of payment history, yet it doesn't always give an accurate picture. The BPS does that. If you're able to report that you're paying your rent and utlities on time that would at least let it be known that you're making an attempt to handle your business. There's a lot of information on the website, I strongly urge you to check it out. I did, and it's worked wonders for me.
How can I rebuild my credit after paying off a debt?
Are you sure all of your accounts are closed? Or you just can't USE them? There's a difference, and it's a huge one. If you just can't USE them, they still show up on your credit report and count in your favor, because you've had the accounts open for awhile and are 'not using them', or so it looks. If they ARE closed, and you're sure of it, call each individual card company and ask them to re-open the account for you (it can be done... I did it with my Discover Card two months after it was "closed out.") Tell them they don't have to let you USE the account, you'd just like to re-instate it for credit scoring purposes. Most of the time, they will do it, because it's not like they have to let you USE the card. If they won't do that, wait three months. I say that because credit companies update your FICO score every three months. Once your accounts are closed, you will stop getting negative remarks for having late or missed payments, so your FICO score will go up a bit. Get a pre-paid credit card through your bank and DON'T use it. Buy a pair of socks on it, then pay it off immediately. This opens the card for you, but shows a higher unused balance. Another thing to do is to get a home equity loan (don't freak out... just read) on a Revolving Line of Credit. It doesn't matter what your interest rate is, because you're not going to use it. Getting approved for the loan allows you to take nothing upfront (because it's revolving, like a credit card) but allows you to have a "$5000 credit limit" or whatever you were approved for. When you have "$5000 of available credit" that you DON'T USE, it will skyrocket your FICO score and work in your favor BIGTIME. Most of your credit score is based on whether you pay your bills on time, but another huge part is your ratio of used credit to available credit. Just make sure you DON'T USE the equity loan. They say you can only raise your FICO score about 50 points in one year TOPS, but that simply IS NOT TRUE! I had a client whose FICO I got to 680 after he was at a 510 the year before. Six more months and he'll be at a 730, which puts him in the TOP category with the lowest interest rates. Good luck!
Reply:t's very easy to say the least. Go to http://www.newmillcredit.com. We have a store house of good info there and if you choose. We can do it for you. And of course, you can repair it on your own for little or nothing. But if you're like most people and do not want to be bothered with the head-ache of trying to figure out where to send in necessary paperwork, just let us do it. We are one of the cheapest one's out there. And we do it legally! Don't be fooled by people that say that they can get everything off because in all actually, there are some things that can not be removed unless you pay it off ( such as child support ). I hope this helps!
Reply:In order to build up credit and establish a good credit, you must show a number of stabilizing attributes. Most notably, your report must prove to the lender that he will get his money back. Here are some suggestions:
OPEN A BANK ACCOUNT
Open a bank account and use it responsibly. This is the first step in establishing a financial history.
CO-SIGN
One way is to piggy-back onto someone who already has a good credit history established and is willing to co-sign. Once the co-signing has occurred, you simply make payments on or before the due date. In time you will have established a credit history.
SECURED CREDIT CARD
Apply for a credit card. Shop around and only apply for a card if you can meet the lender's requirements. Responsible use (spending within your budget and paying your bill on time) will help you build a good credit history.
DEPARTMENT AND GASOLINE CREDIT CARDS
Since gasoline credit cards are not revolving (cannot carry a balance forward month-to-month), often they are easier to obtain than regular credit cards. Similarly, some department stores offer revolving credit for a specific purchase and this is sometimes easier to establish. It is also a great way to establish credit.
This website can be very useful for you:
http://www.howtoestablishgoodcredit.com/...
Reply:I have placed this in the source box. There is a wealth of information there and a great free debt management software program. I bookmarked the site as I return to it often for the advice it offers. I hope this helps you.
Reply:of course you can. it may take some time, but...
open a credit card and use it, WISELY, and pay on time. That's all there is to it. Should be good in less than 2 years if lucky. But hey, you're only 21.
www.letsgobble.com
Reply:To be honest with you, the times you've been reported late's already a dead issue at this point, if you were late you were late. What's done is done. Hey people make mistakes, that's why pencils are made with a piece of rubber at the end. Let's move forward. The main thing is not to accumulate anymore debt than you already have. Establish a banking relationship by opening up a checking and savings account. After you've had that awhile, ask them if they offer secured credit cards that you can secure a deposit (let's say like $200) for the same amount in credit. If you're able to get one, I'd strongly suggest that you keep the balance low, if not 0 every month. That way, they can see that you're responsibile and ultimately convert it to an unsecured card. Like I said again, use it for EMERGENCIES only. If you have been paying for things on time like rent, utilities, phone, insurance, etc., you have the right under the FCRA to have that reported and considered in the future when you apply for credit. Click on this link at check out this website ( http://www.prbc.com/consumers ) This agency (PRBC) is a reporting agency that consumers like you and me can enroll in and have up to 3 years historical payment history reported. All that information is comprised into a Bill Payment Score (BPS). This can be used along with your standard credit reports whenever you apply for credit in the future. When your credit is evaluated, lenders don't always see the "big picture", and tend to have a preconcieved notion that you were irresponsible, or just a flat out dead beat, instead of "here and the now". 35% of your traditional credit report is comprised up of payment history, yet it doesn't always give an accurate picture. The BPS does that. If you're able to report that you're paying your rent and utlities on time that would at least let it be known that you're making an attempt to handle your business. There's a lot of information on the website, I strongly urge you to check it out. I did, and it's worked wonders for me.
What happens if a parent sells a home to a child and the debt never gets paid off? Like if the parent dies?
What if the parent agrees to allowing the child to pay what they want, but assume full ownership of the home? And the debt is not fully paid off? This would be a private debt not involving a bank.
What happens if a parent sells a home to a child and the debt never gets paid off? Like if the parent dies?
The debt would then be paid to the estate of the mother, and distributed to the beneficiaries of her will.
Reply:well being that the own the home it would depend if they put the lien (mortgage) on title, if it is on title, and there is no one to collect it, how would you have to pay it,
however if your parents keep the house titled in their name and they die without a will (trust preferrably) you could be sol
Reply:Hi,
I used "Credit Solution" to settle my debt and improve my credit score.They managed to reduce my debt up to 58% .It's legitimate.I came across this company on NBC News Special Edition.Check it out here:
http://doiop.com/028gog
What happens if a parent sells a home to a child and the debt never gets paid off? Like if the parent dies?
The debt would then be paid to the estate of the mother, and distributed to the beneficiaries of her will.
Reply:well being that the own the home it would depend if they put the lien (mortgage) on title, if it is on title, and there is no one to collect it, how would you have to pay it,
however if your parents keep the house titled in their name and they die without a will (trust preferrably) you could be sol
Reply:Hi,
I used "Credit Solution" to settle my debt and improve my credit score.They managed to reduce my debt up to 58% .It's legitimate.I came across this company on NBC News Special Edition.Check it out here:
http://doiop.com/028gog
How can I find out who bought my credit card debt?
I've stopped paying on several credit cards for over a year. Is there any way to find out who bought the debt? I now have the money needed to pay these companies back.
Too bad I didn't have a house, otherwise the Democrats would have paid for it.
How can I find out who bought my credit card debt?
If you haven't needed a credit card up until people have been telling you that you need one, don't worry about it. You really don't 'need' one. The only reason that I got my credit card (aside to help with my credit score!) was for emergiencies-and that was at my family suggestion. I ended up applying for a card through my bank/federal credit union. They will be easier than any other place, especially if you have been with them for a while. Make sure you have NO annual fee. Aside from that, pick and choose.
http://hubpages.com/_36442/hub/How-to-Se...
Reply:The credit card company will do that and check your account if you want to request for your account detail they will give it but not all credit card company will give it free. If you would like to apply for credit card with zero apr balance transfer you can go to smart credit card and they have some good offer for you.
Reply:If you aren't offended by taking advise from a Democrat and Obama supporter.....
Pull your credit reports...These should list who has your debt.
annualcreditreport.com is the real free site to check your credit file for free once a year. NOT freecreditreport.com
https://www.annualcreditreport.com/
It's very important to understand that once your accounts are charged-off...that the damage is already done. Don’t make the mistake of simply cutting a check to whatever collection agency has the debt for the charge-off and assume that your credit rating will be magically restored...Doing so will not remove it from your credit reports. It will simply be updated to a "Paid Charge-Off," which, while slightly better, is still a seriously derogatory item. Per the Fair Credit Reporting Act, a charge-off, whether paid or not, can remain on a consumer's credit reports for up to seven years. Even if you could negotiate the removal of the item from your credit report with the debt collector, the original creditor will continue to report the charge-off.
Renewing contact with debt collectors about old debt may trigger very aggressive collection activity...Your goodwill effort to pay back the debts may be met by a barrage of abusive phone calls from debt collectors...even lawsuits. Making recent payments on old charged-off debt resets the statute of limitations on the debt in many states...which would enable the debt collector to immediately sue you for the debt. In my opinion, this potential risk is the not worth the slight increase in your credit score from paying off old charged-off debt.
If you're going to pay off old-charged-off debt anyway, then you might as well negotiate the lowest settlement you can possibly get, being that the negative charge-off notation is going to stay for 7 years on your credit report anyway. At most, offer to pay 25%...since they paid pennies on the dollar for the debt. If you do decide to pay, get all terms of any settlement deal you reach with debt collectors IN WRITING BEFORE you give them your money. Never accept settlement deals over the phone...The debt collectors will deny that any settlement was ever made once they get your “settlement” money and will come back demanding more money.
You have to be VERY careful in this effort...Mail them a vaguely worded statement like:
I am willing to settle this matter for 25% of the original amount. This is in no way an admission of this debt, but rather an attempt to settle this matter. Your firm must send me a written agreement on your company's letterhead that you will accept this amount as "payment in full" and that is issue will be settled. Upon receipt of this agreement, I will mail you a money order for this amount.
Maybe it's best to leave things be and not contact them....
Reply:the companies that you owed debt to, ate it. They have Insurance against such things. They lose nothing.
If wanting to rebuild your credit..get a secured credit card.
No way to pay back the monies you owed.
Nice that you would want to..bless you...HUGS!!
Reply:Contact the company who you originally had the debt with and they should be able to provide you with the relevant information.
Too bad I didn't have a house, otherwise the Democrats would have paid for it.
How can I find out who bought my credit card debt?
If you haven't needed a credit card up until people have been telling you that you need one, don't worry about it. You really don't 'need' one. The only reason that I got my credit card (aside to help with my credit score!) was for emergiencies-and that was at my family suggestion. I ended up applying for a card through my bank/federal credit union. They will be easier than any other place, especially if you have been with them for a while. Make sure you have NO annual fee. Aside from that, pick and choose.
http://hubpages.com/_36442/hub/How-to-Se...
Reply:The credit card company will do that and check your account if you want to request for your account detail they will give it but not all credit card company will give it free. If you would like to apply for credit card with zero apr balance transfer you can go to smart credit card and they have some good offer for you.
Reply:If you aren't offended by taking advise from a Democrat and Obama supporter.....
Pull your credit reports...These should list who has your debt.
annualcreditreport.com is the real free site to check your credit file for free once a year. NOT freecreditreport.com
https://www.annualcreditreport.com/
It's very important to understand that once your accounts are charged-off...that the damage is already done. Don’t make the mistake of simply cutting a check to whatever collection agency has the debt for the charge-off and assume that your credit rating will be magically restored...Doing so will not remove it from your credit reports. It will simply be updated to a "Paid Charge-Off," which, while slightly better, is still a seriously derogatory item. Per the Fair Credit Reporting Act, a charge-off, whether paid or not, can remain on a consumer's credit reports for up to seven years. Even if you could negotiate the removal of the item from your credit report with the debt collector, the original creditor will continue to report the charge-off.
Renewing contact with debt collectors about old debt may trigger very aggressive collection activity...Your goodwill effort to pay back the debts may be met by a barrage of abusive phone calls from debt collectors...even lawsuits. Making recent payments on old charged-off debt resets the statute of limitations on the debt in many states...which would enable the debt collector to immediately sue you for the debt. In my opinion, this potential risk is the not worth the slight increase in your credit score from paying off old charged-off debt.
If you're going to pay off old-charged-off debt anyway, then you might as well negotiate the lowest settlement you can possibly get, being that the negative charge-off notation is going to stay for 7 years on your credit report anyway. At most, offer to pay 25%...since they paid pennies on the dollar for the debt. If you do decide to pay, get all terms of any settlement deal you reach with debt collectors IN WRITING BEFORE you give them your money. Never accept settlement deals over the phone...The debt collectors will deny that any settlement was ever made once they get your “settlement” money and will come back demanding more money.
You have to be VERY careful in this effort...Mail them a vaguely worded statement like:
I am willing to settle this matter for 25% of the original amount. This is in no way an admission of this debt, but rather an attempt to settle this matter. Your firm must send me a written agreement on your company's letterhead that you will accept this amount as "payment in full" and that is issue will be settled. Upon receipt of this agreement, I will mail you a money order for this amount.
Maybe it's best to leave things be and not contact them....
Reply:the companies that you owed debt to, ate it. They have Insurance against such things. They lose nothing.
If wanting to rebuild your credit..get a secured credit card.
No way to pay back the monies you owed.
Nice that you would want to..bless you...HUGS!!
Reply:Contact the company who you originally had the debt with and they should be able to provide you with the relevant information.
If we have debt should we pay this off before starting a retirement fund?
My husband and I have quite a bit of debt (mostly student loans). We are wondering if we should put all our available money to pay off these loans or start our retirement fund immediately? We are 22 and 23 years old. If we put all our money into paying off the loans, we could do it in about 4-6 years.
If we have debt should we pay this off before starting a retirement fund?
You should always pay off debt as quickly as possible because the interest you are paying on the debt is always higher than the interest that you can get on your savings.
The only two exceptions to this are:
a.) If you are paying a very low rate of interest on your loan, for example UK student loan or subsidised loan from employer.
b.) If you have no savings at all, you should always aim to have a small nest-egg equivalent to a couple of month's salary for emergencies.
Reply:Keeping your bills paid, very good. Student Loan interest can be tax deductible. So, depending on your income, if you don't prepay the loan you are redirecting 25% of your payment to the loan company from what you would otherwise pay the govt for taxes, effectively lowering a 6% rate to a 4.5% rate.
You can invest your money places where it will safely earn higher rates of return (7-8%+), however that isn't in CD's or Money Markets. And your principal is just as safe, maybe safer.
There are many factors you would need to review and consider prior to making a choice, but I would highly recommend that you explore letting your Student Loans ride and redirecting the early payoff payments to much more effective wealth building options.
Reply:definitely put it toward paying off your loans. No matter how long you wait they will never go away. And it would really suck to have to get into the money you were saving for retirement to pay off a bill you knew you owed. I would pile whatever i could into these debts. Start with the smallest. Pile any extra cash you have toward that until it's paid off. keep doing that with each one until they're all paid off. If you do it that way, it could help shorten the time you think it take to pay all these off.
Reply:Looking for a debt consolidation loan? Freedom4U can compare the USA’s best debt consolidation loan deals online, and offer fast, specialist assistance, whatever your past or current debt problems.
Visit: http://dbt99.com
I'm living proof that it works, with today's gas prices i used Freedom4U at the right time!
If we have debt should we pay this off before starting a retirement fund?
You should always pay off debt as quickly as possible because the interest you are paying on the debt is always higher than the interest that you can get on your savings.
The only two exceptions to this are:
a.) If you are paying a very low rate of interest on your loan, for example UK student loan or subsidised loan from employer.
b.) If you have no savings at all, you should always aim to have a small nest-egg equivalent to a couple of month's salary for emergencies.
Reply:Keeping your bills paid, very good. Student Loan interest can be tax deductible. So, depending on your income, if you don't prepay the loan you are redirecting 25% of your payment to the loan company from what you would otherwise pay the govt for taxes, effectively lowering a 6% rate to a 4.5% rate.
You can invest your money places where it will safely earn higher rates of return (7-8%+), however that isn't in CD's or Money Markets. And your principal is just as safe, maybe safer.
There are many factors you would need to review and consider prior to making a choice, but I would highly recommend that you explore letting your Student Loans ride and redirecting the early payoff payments to much more effective wealth building options.
Reply:definitely put it toward paying off your loans. No matter how long you wait they will never go away. And it would really suck to have to get into the money you were saving for retirement to pay off a bill you knew you owed. I would pile whatever i could into these debts. Start with the smallest. Pile any extra cash you have toward that until it's paid off. keep doing that with each one until they're all paid off. If you do it that way, it could help shorten the time you think it take to pay all these off.
Reply:Looking for a debt consolidation loan? Freedom4U can compare the USA’s best debt consolidation loan deals online, and offer fast, specialist assistance, whatever your past or current debt problems.
Visit: http://dbt99.com
I'm living proof that it works, with today's gas prices i used Freedom4U at the right time!
Will a debt with a statal university get me in trouble with immigration?
Hi, I have a debt with a statal university, which I had to pay until april of this year, but obviously I didnt. I dont live and Im not from the US, and I never had troubles with immigration. Im going to the US for a week tomorrow, so my question is, having this debt unpaid, should I have troubles with immigration, getting in or out?
The debt is for like a thousand dollars, so its not that big.
Thanks!
Will a debt with a statal university get me in trouble with immigration?
pay it
The debt is for like a thousand dollars, so its not that big.
Thanks!
Will a debt with a statal university get me in trouble with immigration?
pay it
What is the best way to put formulate a convertible debt document for a start up.?
In a sense what is the best way to put together a convertible debt document, meaning how many years, what percentage interest, how much a discount should be given at conversion, what other benefits should be included for the investor and the company? I would like to raise $750,000 with this. I don't think I would need another around of funding but just to be sure, I would want the investor to have the best of both worlds.
Your thoughts.
What is the best way to put formulate a convertible debt document for a start up.?
Maturity should be the period of time during which you expect to either be able to repay the principal or become a business entity viable enough to refinance convertible debt with straight debt. As to interest rate and conversion ratio, you pay with one for the other. If you want low interest rate (these days, zero-coupon convertibles are not unusual), you have to pay for it with a higher conversion ratio. If you want a low conversion ratio, prepare for a higher interest rate.
You should also know that valuing convertible securities requires some serious professional training. At the very least, you should understand the Black-Scholes model. Professional convertibles traders go even deeper; they use binomial models...
tanning
Your thoughts.
What is the best way to put formulate a convertible debt document for a start up.?
Maturity should be the period of time during which you expect to either be able to repay the principal or become a business entity viable enough to refinance convertible debt with straight debt. As to interest rate and conversion ratio, you pay with one for the other. If you want low interest rate (these days, zero-coupon convertibles are not unusual), you have to pay for it with a higher conversion ratio. If you want a low conversion ratio, prepare for a higher interest rate.
You should also know that valuing convertible securities requires some serious professional training. At the very least, you should understand the Black-Scholes model. Professional convertibles traders go even deeper; they use binomial models...
tanning
How do I go about asking the collection agencies to pay off my debt?
I only want to pay pennies to dollars. Think about it, I am willing to pay but not all those fees added or could there be a simple way of asking to pay off a debt cheaper than what they want?? For example my phone bill went to the collection agency 3 years ago They want $500 (I initially only owe $290) I am willing to pay $300.Any clever way of asking to reduce my debt??
How do I go about asking the collection agencies to pay off my debt?
Actually, a 3 year old phone bill could probably be settled for a lot less than $300.
Send the collection agency a letter. Be very careful not to acknowledge the debt (you could reset the Statute of Limitations (SOL), the timeframe to bring lawsuit). Literally say "this is not an acknowledgment of this debt".
Indicate that you would like to expedite removal of this derogatory item on your credit report and are willing to pay $125 if they will delete the item from your credit report.
If this settlement is acceptable, have an authorized agent of the collection agency sign and return of copy of the letter to you. Upon receipt of their acceptance, you will send payment.
They may give you a counter offer. Just make sure you have a written agreement before you pay. Do not give them direct access to your bank account.
The older the debt, the more likely you an settle for less. If the forgiven portion of the debt is $600 or more, you may get a 1099 and have to pay income taxes on the forgiven portion.
Reply:you can negotiate - they don't have to agree and your credit score won't recover any faster by not paying your debts in full - just call them - nothing clever needed
Reply:Be honest with them.
Reply:bdancer is absolutely correct : Be very careful not to acknowledge the debt...
Before you even attempt to pay off the debt, make sure it is validated (ie do they have the LEGAL right to collect this debt?)...
Reply:Simply tell them that you want to pay all of your debts but you only have a portion of the total. "Would you be willing to accept $300 as payment in full?"
If they confirm you have to GET IT IN WRITING. Otherwise they'll say, "sure, send a check for that amount" but they'll come back for the rest after your check clears. Have them confirm in an email. That should be easy for them.
How do I go about asking the collection agencies to pay off my debt?
Actually, a 3 year old phone bill could probably be settled for a lot less than $300.
Send the collection agency a letter. Be very careful not to acknowledge the debt (you could reset the Statute of Limitations (SOL), the timeframe to bring lawsuit). Literally say "this is not an acknowledgment of this debt".
Indicate that you would like to expedite removal of this derogatory item on your credit report and are willing to pay $125 if they will delete the item from your credit report.
If this settlement is acceptable, have an authorized agent of the collection agency sign and return of copy of the letter to you. Upon receipt of their acceptance, you will send payment.
They may give you a counter offer. Just make sure you have a written agreement before you pay. Do not give them direct access to your bank account.
The older the debt, the more likely you an settle for less. If the forgiven portion of the debt is $600 or more, you may get a 1099 and have to pay income taxes on the forgiven portion.
Reply:you can negotiate - they don't have to agree and your credit score won't recover any faster by not paying your debts in full - just call them - nothing clever needed
Reply:Be honest with them.
Reply:bdancer is absolutely correct : Be very careful not to acknowledge the debt...
Before you even attempt to pay off the debt, make sure it is validated (ie do they have the LEGAL right to collect this debt?)...
Reply:Simply tell them that you want to pay all of your debts but you only have a portion of the total. "Would you be willing to accept $300 as payment in full?"
If they confirm you have to GET IT IN WRITING. Otherwise they'll say, "sure, send a check for that amount" but they'll come back for the rest after your check clears. Have them confirm in an email. That should be easy for them.
Can the same unpaid debt from two different collection agencies remain on my credit report?
If you have an unpaid debt that is sold to a collection agency who then sells it to another collection agency should both collection agencies for the same debt remain on my credit report or should only the last collection agency to buy the account be on my credit report? Is this not considered a duplicate account since it is the same debt althought it's with two different agencies?
OR
Is each collection agency allowed to report the exact same debt being that it was sold to them from a prior collection agency which is also on the credit report?
Can the same unpaid debt from two different collection agencies remain on my credit report?
The only person who can post to your credit report is the person with the legal right to collect it. Therefore, duplicate listings must be deleted.
Many times these creditors will send your debt to an agency....and after a while if no responses they will pass it to another agency. The result is both agencies posting to your report.
Send a dispute letter to the credit bureau, and validation demand letters to the creditors.
Reply:You can have this fixed - write to the credit agencies (all 3) and let them know that this is a duplication. Something should be removed. (Same thing happened to me - I send as much documentation on the problem as I could find to ensure that there weren't any questions.)
Reply:The only collection agency who can put a listing on your credit report is the one who has a legal right to collect the debt. If collection agency A sells the debt to collection agency B, then collection agency A must remove their listing.
OR
Is each collection agency allowed to report the exact same debt being that it was sold to them from a prior collection agency which is also on the credit report?
Can the same unpaid debt from two different collection agencies remain on my credit report?
The only person who can post to your credit report is the person with the legal right to collect it. Therefore, duplicate listings must be deleted.
Many times these creditors will send your debt to an agency....and after a while if no responses they will pass it to another agency. The result is both agencies posting to your report.
Send a dispute letter to the credit bureau, and validation demand letters to the creditors.
Reply:You can have this fixed - write to the credit agencies (all 3) and let them know that this is a duplication. Something should be removed. (Same thing happened to me - I send as much documentation on the problem as I could find to ensure that there weren't any questions.)
Reply:The only collection agency who can put a listing on your credit report is the one who has a legal right to collect the debt. If collection agency A sells the debt to collection agency B, then collection agency A must remove their listing.
How do you go about consolidating PRIVATE student loan debt with a home mortgage?
We are looking for a home about $150,000 and we have about $70,000 in Private student loan debt at 7%.
How do you go about consolidating PRIVATE student loan debt with a home mortgage?
There's a good article at eHow on steps to take to begin tackling your debt. Take a look at it:
http://www.ehow.com/how_2326032_avoid-es...
How to Stop Escalating Debt
It includes information on companies that can help you with debt consolidation and reduction.
You can also look here for tips on earning some extra cash online:
http://www.ehow.com/how_2254361_money-in...
How to make money on the internet, scam-free
Lastly, here's an interesting alternative to conventional lending...getting a "social networking" loan from Virgin Money (from the same folks who run Virgin Airlines):
http://www.ehow.com/how_2310995_student-...
Social Loans from Virgin Money
Hope these help.
Reply:You can go for student loan consolidation program wherein you can reduce your debts and pay off all. You can do this either by taking a loan where you are avail of two types of loan one is unsecured and other is secured or you can go for a management plan wherein you have to pay one fixed monthly payment as per an affordable debt management plan provided by your debt counselor.
Here is the source of a debt consolidation company named http://ezconsolidation.com for your reference who provides student loan consolidation program.
Reply:Hi,
I used "Credit Solution" to settle my debt and avoid bankruptcy.They managed to reduce my debt up to 58%.It's legitimate.I came across this company on NBC News Special Edition.Check it out here:
http://d6b0.easyurl.net
How do you go about consolidating PRIVATE student loan debt with a home mortgage?
There's a good article at eHow on steps to take to begin tackling your debt. Take a look at it:
http://www.ehow.com/how_2326032_avoid-es...
How to Stop Escalating Debt
It includes information on companies that can help you with debt consolidation and reduction.
You can also look here for tips on earning some extra cash online:
http://www.ehow.com/how_2254361_money-in...
How to make money on the internet, scam-free
Lastly, here's an interesting alternative to conventional lending...getting a "social networking" loan from Virgin Money (from the same folks who run Virgin Airlines):
http://www.ehow.com/how_2310995_student-...
Social Loans from Virgin Money
Hope these help.
Reply:You can go for student loan consolidation program wherein you can reduce your debts and pay off all. You can do this either by taking a loan where you are avail of two types of loan one is unsecured and other is secured or you can go for a management plan wherein you have to pay one fixed monthly payment as per an affordable debt management plan provided by your debt counselor.
Here is the source of a debt consolidation company named http://ezconsolidation.com for your reference who provides student loan consolidation program.
Reply:Hi,
I used "Credit Solution" to settle my debt and avoid bankruptcy.They managed to reduce my debt up to 58%.It's legitimate.I came across this company on NBC News Special Edition.Check it out here:
http://d6b0.easyurl.net
How do debt counselors make their money?
Although they advertise free debt counseling, they are a company so they have to make profits but how do they do this? I teach high school business classes and would like a better understanding of how it works.
How do debt counselors make their money?
they perform a management service (which i disagree with think they suck) and after the free counseling service they charge a fee for managing you money!!! i.e. you pay them and they pay your bills!!!
Reply:I think they would consolidate your debts or change your loans to a company that gives them a commission.
Reply:It depends.
"Debt Counselors" are just that...they will go over your financial situation and show you how to budget, and pay your bills. They will give you some educated advice on what to do. There are lots of non-profit companies that offer this for free......but it's just the start.
You need to look at who these "debt counselors" work for.
Some work for attorneys that specialize in bankruptcies. They will try to talk you into filing BK, and they get a nice fees for doing the court work.
Others work for loan companies, and they will make their money if they convince you to take out a consolidation loan.
Still others are tied into "credit repair/settlement" companies. These guys try to sell their services of working with your creditors to eliminate or lower your debt and interest.
Then we have the "debt management" companies. They make arrangements with your creditors to pay your debts. You pay them a set amount, and they pay your creditors. They will charge a fee for this service.
My advice is to first make sure who this "debt counselor" works for, so you are not steered into a service that you don't need, or that will actually do you more harm then good. Many of these companies are scams.
Better yet, do some research. There is a tremendous amount of FREE information available on the internet that shows you how to manage your own debts, and deal with creditors. The following links are a good place to start.
Yahoo Alert! I am not associated with these sites in any way. I offer them because they have a lot of good FREE information. LAY OFF ME!
Reply:I went through a multi-year program with Consumer Credit Counseling Service, billed as a "non-profit" service. They charged me $25 per month all the while I was enrolled. They got some companies to reduce or eliminate additional interest. All except Sears, who wouldn't budge, but continued to assess huge interest.
All in all, I'm quite glad I did it and I would recommend (and have recommended) this organization.
Reply:Hi,
I used "Credit Solution" to settle my debt and improve my credit score .They managed to reduce my debt up to 58%.It's legitimate.I came across this company on NBC News Special Edition.Check it out here:
http://urltea.com/31vc
Reply:I was a debt counselor.
The money comes from you.
We cut a deal with your creditor. Which you could do yourself.
And then take a percent of your now lowered payment.
Remember this; "not for profit" does NOT mean nobody makes any money.
Look at the Catholic Church, rich rich rich
Reply:don't ask me how the economy works.
Reply:They take some of yours...as fast as possible.
Reply:Debt counselors work for either Debt consolidation or Debt settlement companies. I have vast knowledge in Debt settlement so would like to answer accordingly!
Debt settlement companies offers you free Settlement but here is the how they make money.
For example, you have Debt amount of $10,000 and they tell you they can settle it down to $5500 and will divide your payment accordingly, lets say $200 for 27 months. Now, the actual amount they will pay to your creditors will be $4000 but rest 15% goes towards their fee... So they get their $1500 from each Monthly payment you make. Most of the Settlement companies charge this fee in first 3-6 months which is not good for consumers but i know some of those who will even wait 18 months to get paid in full.
So the total money they make is always 15% of debt amount (if legally) %26amp; it can be taken in 4 to 18 months from you.
http://www.DebtCareUSA.com is a good one in this industry!
floral
How do debt counselors make their money?
they perform a management service (which i disagree with think they suck) and after the free counseling service they charge a fee for managing you money!!! i.e. you pay them and they pay your bills!!!
Reply:I think they would consolidate your debts or change your loans to a company that gives them a commission.
Reply:It depends.
"Debt Counselors" are just that...they will go over your financial situation and show you how to budget, and pay your bills. They will give you some educated advice on what to do. There are lots of non-profit companies that offer this for free......but it's just the start.
You need to look at who these "debt counselors" work for.
Some work for attorneys that specialize in bankruptcies. They will try to talk you into filing BK, and they get a nice fees for doing the court work.
Others work for loan companies, and they will make their money if they convince you to take out a consolidation loan.
Still others are tied into "credit repair/settlement" companies. These guys try to sell their services of working with your creditors to eliminate or lower your debt and interest.
Then we have the "debt management" companies. They make arrangements with your creditors to pay your debts. You pay them a set amount, and they pay your creditors. They will charge a fee for this service.
My advice is to first make sure who this "debt counselor" works for, so you are not steered into a service that you don't need, or that will actually do you more harm then good. Many of these companies are scams.
Better yet, do some research. There is a tremendous amount of FREE information available on the internet that shows you how to manage your own debts, and deal with creditors. The following links are a good place to start.
Yahoo Alert! I am not associated with these sites in any way. I offer them because they have a lot of good FREE information. LAY OFF ME!
Reply:I went through a multi-year program with Consumer Credit Counseling Service, billed as a "non-profit" service. They charged me $25 per month all the while I was enrolled. They got some companies to reduce or eliminate additional interest. All except Sears, who wouldn't budge, but continued to assess huge interest.
All in all, I'm quite glad I did it and I would recommend (and have recommended) this organization.
Reply:Hi,
I used "Credit Solution" to settle my debt and improve my credit score .They managed to reduce my debt up to 58%.It's legitimate.I came across this company on NBC News Special Edition.Check it out here:
http://urltea.com/31vc
Reply:I was a debt counselor.
The money comes from you.
We cut a deal with your creditor. Which you could do yourself.
And then take a percent of your now lowered payment.
Remember this; "not for profit" does NOT mean nobody makes any money.
Look at the Catholic Church, rich rich rich
Reply:don't ask me how the economy works.
Reply:They take some of yours...as fast as possible.
Reply:Debt counselors work for either Debt consolidation or Debt settlement companies. I have vast knowledge in Debt settlement so would like to answer accordingly!
Debt settlement companies offers you free Settlement but here is the how they make money.
For example, you have Debt amount of $10,000 and they tell you they can settle it down to $5500 and will divide your payment accordingly, lets say $200 for 27 months. Now, the actual amount they will pay to your creditors will be $4000 but rest 15% goes towards their fee... So they get their $1500 from each Monthly payment you make. Most of the Settlement companies charge this fee in first 3-6 months which is not good for consumers but i know some of those who will even wait 18 months to get paid in full.
So the total money they make is always 15% of debt amount (if legally) %26amp; it can be taken in 4 to 18 months from you.
http://www.DebtCareUSA.com is a good one in this industry!
floral
Should my fiancee and I pay off our credit card debt before we purchase a new home?
My fiancee and I have approximately $30,000 in credit card debt (mostly his). He thinks that we should pay off all that debt and put a smaller down payment down on a home, rather than using all our money for the down payment. I argued that we should not worry TOO much about the credit card debt and take care of it another way, such as re-financing our mortgage in several years and using that cash to pay off the credit card debt (since the interest rate would be much lower). Any suggestions?
Should my fiancee and I pay off our credit card debt before we purchase a new home?
I'm going to make a guess here....
You are being offered a mortgage with a fairly decent interest rate....and in "several" years, they are going to increase your mortgage interest rate, right? But that's OK, because at that time the interest rates will drop big time, and you simply refinance the mortgage and save tons of money?
Is that what you were told? Did that tell you this was called a "balloon" mortgage?
I'm gonna give you a big warning..... be careful. What happens in "several" years when you try to get refinanced, and they don't give it to you? Did you know that thousands of people ran into trouble with these loans? They ended up filing for bankruptcy.....and now the large mortgage companies are getting wiped out from the people filing for foreclosures.
I know several people who fell for this trap. The original loan came with so many fees and closing costs that it pushed the loan to well over the value of the home. After several years of paying only interest, no lender would even discuss a refinance with them!
As for now, all you have to do is use some common sense. You are paying (probably) 15% on $30k in credit card debt. If you used that money as a down payment for the mortgage, you are saving 5%. You are losing bigtime on this deal!
Reply:I think that $30,000 credit card debt is going to hurt you especially now. Mortgages are getting hard to get and there are a lot of foreclosures out there. You may want to talk to a mortgage lender. They don't like big debts and they really like paying jobs plus nice bank accounts.
Reply:Yea, he would. . . . . If you already have 20% down, then I'd focus on paying the remainder of your debt to below 1/2 of the credit limits. Don't EVER refinance to pay off your credit card debt or auto loans. That is dumb. Just pay it off and stop using your credit cards. Plus if you do pay off the cards don't close them. That will hurt you. The down is MORE important to get a good FIXED rate now. Do that.
Reply:By paying them down to below 30% of the limits, or paying them off you increase your FICO score in two ways, first you do not owe that much, second you reduce your credit to debt ration, the higher FICO score will save you in interest rates for the term of the loan. STOP thinking about refinancing, or home equity loans that is why so many people are facing foreclosure right now, build up equity in your home, and keep building it in the event of an emergency.
Reply:By several years down the road, you will probably have paid a small fortune in interest on that much credit card debt. I'd agree that paying down the credit cards would be a good idea. Having that much credit card debt will affect your chances of even getting a mortgage, and if you can, will affect the terms.
Reply:I think your fiance is correct. Paying off what you have would put you in a better financial condition for purchasing your home. Paying off your cards, saving for the down payment plus what you need to furnish it would be much wiser choice. Then you'll also possibly have money to stick in savings for when something needs fixing or replacing.
Refinancing your home in a few years to pay off credit cards would only lengthen the time you owe on the cards - turning short term debt into long term debt. I never recommend doing that. It may be a lower rate but when you stretch it out to 30 years, it doesn't save you money - especially when you add in another set of closing costs adding thousands of dollars to what you repay. And if rates increase on your entire balance, that you repay is even more.
I'd have to side with your fiance to repay the credit cards first, as fast as you can, and be better off in the long run by doing so.
Also some unsolicited advice (lol) - when you do purchase your home, don't go for the most expensive you can buy or you could end up "house broke". You want to have some money left over for a rainy day (and not having so much credit card debt also falls into this category). Live to be comfortable and not from paycheck to paycheck and you'll be much, much more happy all the way around.
Reply:I personally would pay off the cards and put down less money if you have the credit to qualify for 100% financing.
To avoid paying mortgage insurance, you can do two mortgages- an "80/20" where your first is 80% of the sales price, and the 20% 2nd mortgage covers the rest. The rate you can get on that 20% 2nd is going to much better than the credit card rates, I'm sure. Plus, you can deduct the mortgage interest when you file your taxes!
Also, paying off those cards will make your debt to income go way down, which looks much better to mortgage companies.
Good luck!
Should my fiancee and I pay off our credit card debt before we purchase a new home?
I'm going to make a guess here....
You are being offered a mortgage with a fairly decent interest rate....and in "several" years, they are going to increase your mortgage interest rate, right? But that's OK, because at that time the interest rates will drop big time, and you simply refinance the mortgage and save tons of money?
Is that what you were told? Did that tell you this was called a "balloon" mortgage?
I'm gonna give you a big warning..... be careful. What happens in "several" years when you try to get refinanced, and they don't give it to you? Did you know that thousands of people ran into trouble with these loans? They ended up filing for bankruptcy.....and now the large mortgage companies are getting wiped out from the people filing for foreclosures.
I know several people who fell for this trap. The original loan came with so many fees and closing costs that it pushed the loan to well over the value of the home. After several years of paying only interest, no lender would even discuss a refinance with them!
As for now, all you have to do is use some common sense. You are paying (probably) 15% on $30k in credit card debt. If you used that money as a down payment for the mortgage, you are saving 5%. You are losing bigtime on this deal!
Reply:I think that $30,000 credit card debt is going to hurt you especially now. Mortgages are getting hard to get and there are a lot of foreclosures out there. You may want to talk to a mortgage lender. They don't like big debts and they really like paying jobs plus nice bank accounts.
Reply:Yea, he would. . . . . If you already have 20% down, then I'd focus on paying the remainder of your debt to below 1/2 of the credit limits. Don't EVER refinance to pay off your credit card debt or auto loans. That is dumb. Just pay it off and stop using your credit cards. Plus if you do pay off the cards don't close them. That will hurt you. The down is MORE important to get a good FIXED rate now. Do that.
Reply:By paying them down to below 30% of the limits, or paying them off you increase your FICO score in two ways, first you do not owe that much, second you reduce your credit to debt ration, the higher FICO score will save you in interest rates for the term of the loan. STOP thinking about refinancing, or home equity loans that is why so many people are facing foreclosure right now, build up equity in your home, and keep building it in the event of an emergency.
Reply:By several years down the road, you will probably have paid a small fortune in interest on that much credit card debt. I'd agree that paying down the credit cards would be a good idea. Having that much credit card debt will affect your chances of even getting a mortgage, and if you can, will affect the terms.
Reply:I think your fiance is correct. Paying off what you have would put you in a better financial condition for purchasing your home. Paying off your cards, saving for the down payment plus what you need to furnish it would be much wiser choice. Then you'll also possibly have money to stick in savings for when something needs fixing or replacing.
Refinancing your home in a few years to pay off credit cards would only lengthen the time you owe on the cards - turning short term debt into long term debt. I never recommend doing that. It may be a lower rate but when you stretch it out to 30 years, it doesn't save you money - especially when you add in another set of closing costs adding thousands of dollars to what you repay. And if rates increase on your entire balance, that you repay is even more.
I'd have to side with your fiance to repay the credit cards first, as fast as you can, and be better off in the long run by doing so.
Also some unsolicited advice (lol) - when you do purchase your home, don't go for the most expensive you can buy or you could end up "house broke". You want to have some money left over for a rainy day (and not having so much credit card debt also falls into this category). Live to be comfortable and not from paycheck to paycheck and you'll be much, much more happy all the way around.
Reply:I personally would pay off the cards and put down less money if you have the credit to qualify for 100% financing.
To avoid paying mortgage insurance, you can do two mortgages- an "80/20" where your first is 80% of the sales price, and the 20% 2nd mortgage covers the rest. The rate you can get on that 20% 2nd is going to much better than the credit card rates, I'm sure. Plus, you can deduct the mortgage interest when you file your taxes!
Also, paying off those cards will make your debt to income go way down, which looks much better to mortgage companies.
Good luck!
Can you include credit card debt in a bankruptcy?
I have a friend in FL that is filing bankruptcy. I thought they passes a law a few years ago that stated you could not include credit card debt in bk. Is that true? They are telling me that you can include credit card debt.
Can you include credit card debt in a bankruptcy?
All consumer debts can be included in a bankruptcy. It's just a lot harder to file chapter 7 now.
First you have to go through 6-months of credit counseling and then take whats called a means test to determine weather you file chapter 13 or 7.
If you make over the average annual income for your State, you are forced into a chapter 13.
Reply:Yes you can... but because the BK laws have changed, it will probably start at a Chapter 13 instead of a 7. In a 13, the debt might be reduced, but have to be paid back. All consumer debt can be included in any BK.
Reply:You can. It is a debt.
Reply:Yes, you can include CC debt. About the only things you cannot include are child support and student loans. (and any other money you might owe the government).
Reply:You not only can she but she MUST declare all of the debts in the bankrutcy. Knowingly leaving a debt off of her bankruptcy might cause it to be dismissed if they found out and they feel it was done to show preference to that creditor.
Now depending on her situation she may not be allowed a Chapter 7 but be moved into a Chapter 13 bankrutpcy. In a Chapter 13 they set up a payment plan to settle the debts.
When she talks to a lawyer they will walk her through the means test to determine which Bankruptcy chapter she can file for.
Reply:If they are in the Uk then yes cards can be included I know this as just helped my ex through the process, USA I wouldn't be sure but they are seen here like all debt that is not linked to property or assured by another,
Can you include credit card debt in a bankruptcy?
All consumer debts can be included in a bankruptcy. It's just a lot harder to file chapter 7 now.
First you have to go through 6-months of credit counseling and then take whats called a means test to determine weather you file chapter 13 or 7.
If you make over the average annual income for your State, you are forced into a chapter 13.
Reply:Yes you can... but because the BK laws have changed, it will probably start at a Chapter 13 instead of a 7. In a 13, the debt might be reduced, but have to be paid back. All consumer debt can be included in any BK.
Reply:You can. It is a debt.
Reply:Yes, you can include CC debt. About the only things you cannot include are child support and student loans. (and any other money you might owe the government).
Reply:You not only can she but she MUST declare all of the debts in the bankrutcy. Knowingly leaving a debt off of her bankruptcy might cause it to be dismissed if they found out and they feel it was done to show preference to that creditor.
Now depending on her situation she may not be allowed a Chapter 7 but be moved into a Chapter 13 bankrutpcy. In a Chapter 13 they set up a payment plan to settle the debts.
When she talks to a lawyer they will walk her through the means test to determine which Bankruptcy chapter she can file for.
Reply:If they are in the Uk then yes cards can be included I know this as just helped my ex through the process, USA I wouldn't be sure but they are seen here like all debt that is not linked to property or assured by another,
Anyone have any thoughts on credit counseling or debt relief companies?
I am about 8 grand in debt, and need to pull myself out asap. Anyone have any ideas? Do debt counselors or debt relief companies really help?
Anyone have any thoughts on credit counseling or debt relief companies?
Don't use them, for one most of them are a scam, for two, if you go into consumer credit card counseling it reports on your credit, and some lenders think negatively of it.
First things first, you obviously need a budget, stick to it, pay off as much as you can off, I'm sure you're getting hit with huge interest rates, you can look into consolidation but, alot of credit card companies offer 0% for the first 12 months, but make sure you know what it is after the 12 months!!!
Other than that budget yourself according to your income and stick to it, most of those companies are scams so stay away if at all possible!
Anyone have any thoughts on credit counseling or debt relief companies?
Don't use them, for one most of them are a scam, for two, if you go into consumer credit card counseling it reports on your credit, and some lenders think negatively of it.
First things first, you obviously need a budget, stick to it, pay off as much as you can off, I'm sure you're getting hit with huge interest rates, you can look into consolidation but, alot of credit card companies offer 0% for the first 12 months, but make sure you know what it is after the 12 months!!!
Other than that budget yourself according to your income and stick to it, most of those companies are scams so stay away if at all possible!
What is the fastest way for me to pay my credit card debt?
Im a college student about to enroll in the fall and im working over the summer and making about $600/month, and have a $2900 credit card debt along with a cell phone bill, and a car insurance bill which totals to about $127/month together...im thinking about getting another part time job where i don't have to work many hours or mainly just a weekend job b/c i want to be able to concentrate on school, what can i do to clear this debt off?
What is the fastest way for me to pay my credit card debt?
Well......what to say....
1) you go to college, so by definition you know how to count
2) you know how much you owe
3) you know how much you earn
what seems to be the difficult part ????
Reply:The first thing you need to do is to make sure you don't add to the debt. Don't use the credit card for new purchases. Cut out any unnecessary expenditures. Pay more than the minimum -- as much as you can afford. Good luck. It can be done.
Reply:It is important that you take steps to get your debt under control before you end up in serious financial trouble.
Find a Way to Get Better Rates
One way that can help you get rid of the credit card debt that you are in is to find a way that you can get better rates on your credit cards. You can do this by trying to find a credit card that has lower rates than your current cards, and then make transfers over to the card with the lower interest rate.
Another way you may be able to get better rates is to try to negotiate with the company or have a credit counselor negotiate with the company to get you better rates on your card. While you may not realize it, having a lower rate can actually save you hundreds of dollars and can help you get out of credit card debt much faster.
Eliminate Debts One By One
If you are wondering how to eliminate credit card debt, another way that can be a great help is to start working methodically to eliminate your debts one by one. You can choose either to pay extra on your card with the lowest amount of debt or you may want to pay more on the card with the highest interest rate, but whichever way you choose will be a great way to help you get out of debt much faster.
Debt Consolidation
If you are serious about getting rid of your credit card debt once and for all, you may want to work on getting a debt consolidation loan. This method of elimination will help give you lower interest rates, a regular payment schedule, and you will only have one easy payment to make each month. This is a very easy and effective way to eliminate the credit card debt that has been causing you so much trouble. Read more from: http://www.credit-card-gallery.com/artic...
Reply:always pay more than the minimum payment...think of one thing you can give up in your daily life (starbucks, eating out, getting your nails done if you're female, etc.) and use that money toward your credit card payment
Reply:Cut out any un needed expenses
such as eating out
Movies
Fun stuff that cost money
Pay 5x the amount on your Credit Card mininum monthly payment so if your min is 30.00 a month I would be paying at least 150.00 on it. If you get a secong job, then apply all that money from your second job on your credit card.
MAKE SURE NOT TO USE THIS CARD, unless you are buying gas or groceries etc. So the money you would buy gas or food with take that money and put it directly back on your card. These purchases must be paid on top of your monthly payment. Otherwise your defeating the purpose of trying to pay the card off. By doing this will help show you are being responsible with the card and you will build your credit up.
Treat your credit card like a debit card, the money you spend on it should be money you have in your bank account ready to pay the card off in 30 days. Like I said by doing this you are building your score without building debt.
So by doing this in a few years when your older and have a secure job you will be able to go to the bank and get a mortgage with hardly no money down and the lowest interest rate possible---%26gt;which menas you are investing and also saving money.
People who rack up credit cards and never pay them off, end up being poor. They end up over extending themselves and set themselves up for failure in life.
Oh and the GOLDEN RULE-
DO NOT EVER GO PAST 30 DAYS LATE ON MAKING YOUR PAYMENTS
WHEN YOU CHARGE SOMETHING MAKE SURE YOU PAY IT OFF IN 30 DAYS WHEN THATCREDIT CARD BILL IS DUE AND YOULL NEVER HAVE A PROBLEM WITH CREDIT AGAIN
Treat your credit like Gold DONT ABUSE IT
I know this becauise I just got done paying $40,000 in credit card off. It took 6 years and I lost everything I charged because I sold it all to help pay this debt off-
Credit score ruined, I cant get a mortgage with a desent rate without thousands of dollars in down payment
I hard a hard time even getting a rental
I got denied student loans
and I lost 5 yrs of my life struggling to pay this debt off for things I dont even own anymore, when I could have just saved for the things I desired -
Good Luck
THIS WILL DESTROY YOUR CREDIT SCORE FAST
Reply:you need to pay the amount due and another 20 bucks or whatever you can spare, that extera amount will pay off the principle, you will pay it of faster.
Reply:Don't add any more debt to this card, that's the BEST thing you can do. Fast is not the issue, efficiency is. But if you can throw 150 a month against this debt it should go away pretty quick. The key is consistency and not adding more debt to the card. You can probably cut costs, most people waste huge money and don't even know it. Live poor, no pizza's, no eating out, no bars etc.
Reply:the fastest way would be to pay back as much money as you can, can you do that.
Also, if you still have any items of value then sell them.
purchase flowers
What is the fastest way for me to pay my credit card debt?
Well......what to say....
1) you go to college, so by definition you know how to count
2) you know how much you owe
3) you know how much you earn
what seems to be the difficult part ????
Reply:The first thing you need to do is to make sure you don't add to the debt. Don't use the credit card for new purchases. Cut out any unnecessary expenditures. Pay more than the minimum -- as much as you can afford. Good luck. It can be done.
Reply:It is important that you take steps to get your debt under control before you end up in serious financial trouble.
Find a Way to Get Better Rates
One way that can help you get rid of the credit card debt that you are in is to find a way that you can get better rates on your credit cards. You can do this by trying to find a credit card that has lower rates than your current cards, and then make transfers over to the card with the lower interest rate.
Another way you may be able to get better rates is to try to negotiate with the company or have a credit counselor negotiate with the company to get you better rates on your card. While you may not realize it, having a lower rate can actually save you hundreds of dollars and can help you get out of credit card debt much faster.
Eliminate Debts One By One
If you are wondering how to eliminate credit card debt, another way that can be a great help is to start working methodically to eliminate your debts one by one. You can choose either to pay extra on your card with the lowest amount of debt or you may want to pay more on the card with the highest interest rate, but whichever way you choose will be a great way to help you get out of debt much faster.
Debt Consolidation
If you are serious about getting rid of your credit card debt once and for all, you may want to work on getting a debt consolidation loan. This method of elimination will help give you lower interest rates, a regular payment schedule, and you will only have one easy payment to make each month. This is a very easy and effective way to eliminate the credit card debt that has been causing you so much trouble. Read more from: http://www.credit-card-gallery.com/artic...
Reply:always pay more than the minimum payment...think of one thing you can give up in your daily life (starbucks, eating out, getting your nails done if you're female, etc.) and use that money toward your credit card payment
Reply:Cut out any un needed expenses
such as eating out
Movies
Fun stuff that cost money
Pay 5x the amount on your Credit Card mininum monthly payment so if your min is 30.00 a month I would be paying at least 150.00 on it. If you get a secong job, then apply all that money from your second job on your credit card.
MAKE SURE NOT TO USE THIS CARD, unless you are buying gas or groceries etc. So the money you would buy gas or food with take that money and put it directly back on your card. These purchases must be paid on top of your monthly payment. Otherwise your defeating the purpose of trying to pay the card off. By doing this will help show you are being responsible with the card and you will build your credit up.
Treat your credit card like a debit card, the money you spend on it should be money you have in your bank account ready to pay the card off in 30 days. Like I said by doing this you are building your score without building debt.
So by doing this in a few years when your older and have a secure job you will be able to go to the bank and get a mortgage with hardly no money down and the lowest interest rate possible---%26gt;which menas you are investing and also saving money.
People who rack up credit cards and never pay them off, end up being poor. They end up over extending themselves and set themselves up for failure in life.
Oh and the GOLDEN RULE-
DO NOT EVER GO PAST 30 DAYS LATE ON MAKING YOUR PAYMENTS
WHEN YOU CHARGE SOMETHING MAKE SURE YOU PAY IT OFF IN 30 DAYS WHEN THATCREDIT CARD BILL IS DUE AND YOULL NEVER HAVE A PROBLEM WITH CREDIT AGAIN
Treat your credit like Gold DONT ABUSE IT
I know this becauise I just got done paying $40,000 in credit card off. It took 6 years and I lost everything I charged because I sold it all to help pay this debt off-
Credit score ruined, I cant get a mortgage with a desent rate without thousands of dollars in down payment
I hard a hard time even getting a rental
I got denied student loans
and I lost 5 yrs of my life struggling to pay this debt off for things I dont even own anymore, when I could have just saved for the things I desired -
Good Luck
THIS WILL DESTROY YOUR CREDIT SCORE FAST
Reply:you need to pay the amount due and another 20 bucks or whatever you can spare, that extera amount will pay off the principle, you will pay it of faster.
Reply:Don't add any more debt to this card, that's the BEST thing you can do. Fast is not the issue, efficiency is. But if you can throw 150 a month against this debt it should go away pretty quick. The key is consistency and not adding more debt to the card. You can probably cut costs, most people waste huge money and don't even know it. Live poor, no pizza's, no eating out, no bars etc.
Reply:the fastest way would be to pay back as much money as you can, can you do that.
Also, if you still have any items of value then sell them.
purchase flowers
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